noun state of being pledged; as, lands given in mortgage.
2. mortgage ·vt hence: to pledge, either literally or figuratively; to make subject to a claim or obligation.
3. mortgage ·noun a conveyance of property, upon condition, as security for the payment of a debt or the preformance of a duty, and to become void upon payment or performance according to the stipulated terms; also, the written instrument by which the conveyance is made.
4. mortgage ·vt to grant or convey, as property, for the security of a debt, or other engagement, upon a condition that if the debt or engagement shall be discharged according to the contract, the conveyance shall be void, otherwise to become absolute, subject, however, to the right of redemption.