- A legal claim against a mortgaged property which must be paid when the property is sold.
hold on property, mortgage claim, mortgage charge, security on property
Related Terms and Acronyms
- Claim — Definition,
- A creditor's assertion of a right to payment from a debtor or the debtor's property.
- Lien — Definition,
- A legal hold or claim of a creditor on the property of another.
- Mortgage (mtg) — Abbreviation, Important,
- A mortgage is a contract stipulating a specific real property, typically a residence or building, as collateral for a loan. The mortgage incurs a rate of interest that varies according to term and other features.