INTRODUCTION What does MORTGAGE mean? In the denomination owe, the mort- is from the Latin word for death and -gage is from the sense of that word meaning a make whoopie to forfeit something of valuate if a debt is non repaid. So mortgage is literally a groundless drink. It was exanimate for cardinal reasons, the place was forfeit or dead to the borrower if the loan were not repaid and the pledge itself was dead if the loan was repaid. In the words of the seventeenth hundred English jurist (and apparently etymologist) Edward Coke: It seemeth that the source why it is called mortgage is, for that it is doubtful whether the Feoffor will pay at the side substantial day limited such summe or not, if he doth not pay, therefore the Land which is put in pledge vpon condition for the hire of the money, is taken from him for euer, and so dead to him vpon condition. And if he doth pay the money, beca char propeler the pledge is dead as to the inhabit The word is fourteenth c entury in origin. A mortgage (Law French for dead pledge) is a device use to create a lien on real commonwealth by contract. It is used as a method by which individuals or businesses stinker buy residential or commercial property without paid the full value upfront.
The borrower (also called the (mortgagor) uses a mortgage to pledge real property to the lender (also called the mortgagee) as shelter against the debt (also called hypothecation) for the rest of the value of the property.... Mortgage is a debt instrument by which the borrower (mortgagor) gives the lender (mortgagee) a lien on property as security for the refund of a loan . Transfer of property act 1882, deals wit! h mortgage. (Secs 58 to 98) Indian BARE ACTS TRANSFER OF PROPERTY ACT, 1882 Defines... If you pauperism to get a full essay, order it on our website:
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