noun
EXAMPLES FROM CORPUS
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If the mortgagor is a lessee for years he effects the mortgage by a sub-lease.
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In certain cases, a prior mortgagee may make further advances to the mortgagor which will rank in priority to subsequent mortgages.
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So the court has full discretion over litigation costs incurred in proceedings between mortgagor and mortgagee.
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The mortgagor creates by deed a legal charge upon the land.
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The mortgagor had been ordered to pay the mortgagee's costs which had been taxed at £60.
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The Judicature Act decided that as against a stranger the mortgagor in possession must be treated as owner.
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The transfer to its mortgagors, the Hammonds, and its own legal charge had been registered at H.M.
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This also applies to owners taking over responsibility from defaulting tenants, and finance houses taking back property from mortgagors.