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submortgage

From Wiktionary, the free dictionary

English

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Etymology

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From sub- +‎ mortgage.

Pronunciation

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  • Audio (US):(file)

Noun

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submortgage (countable and uncountable, plural submortgages)

  1. (law) A secured loan whereby a mortgagee uses his interest in a mortgage as collateral on a loan with a third party, in effect transferring or assigning the mortgage thereto.
    • 2016, David Osborne, Graeme Bowtle & Charles Buss, chapter 3, in The Law of Ship Mortgages‎[1], page 61:
      The amount secured by the submortgage can never exceed the amount secured by the original mortgage.
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