noun
1. : a mortgage made to a trustee generally to secure an issue of bonds or a series of obligations wherein the rights of the parties are declared in a trust agreement set forth or referred to in the mortgage
2. : a mortgage given by a debtor in distress to a trustee of all his business assets with authority to the trustee to operate the business until the debts are paid and then return the assets to the debtor or with authority to foreclose if the business cannot be operated profitably