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submortgage

noun

Etymology

From sub- + mortgage.

  1. derived from *wadi✻ — “wager, pledge”
  2. derived from mortuum wadium
  3. derived from mort gage
  4. derived from morgage
  5. derived from mortgage
  6. inherited from morgage
  7. prefixed as submortgage — “sub + mortgage”

Definitions

  1. A secured loan whereby a mortgagee uses his interest in a mortgage as collateral on a…

    A secured loan whereby a mortgagee uses his interest in a mortgage as collateral on a loan with a third party, in effect transferring or assigning the mortgage thereto.

    • The amount secured by the submortgage can never exceed the amount secured by the original mortgage.

The neighborhood

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sense glosses and etymology drawn from English Wiktionary · source · CC-BY-SA