Mortgage: An interest given on land, in writing, to guarantee the payment of a debt or the execution of some action. It automatically becomes void when the debt is paid or the action is executed. The person lending the money and receiving the mortgage is called the mortgagee the person who concedes a mortgage as security upon his property is called a mortgagor. The three types of mortgage are a legal mortgage (involving a transfer of the legal interest in the property), an equitable mortgage (by depositing the title deeds) and a judgment mortgage (following a court judgment).
