Mortgage  

From The Art and Popular Culture Encyclopedia

Jump to: navigation, search

Related e

Wikipedia
Wiktionary
Shop


Featured:

Kunstformen der Natur (1904) by Ernst Haeckel
Enlarge
Kunstformen der Natur (1904) by Ernst Haeckel

A special form of secured loan where the purpose of the loan must be specified to the lender, to purchase assets that must be fixed (not movable) property such as a house or piece of farm land. The assets are registered as the legal property of the borrower but the lender can seize them and dispose of them if they are not satisfied with the manner in which the repayment of the loan is conducted by the borrower. Once the loan is fully repaid, the lender loses this right of seizure and the assets are then deemed to be unencumbered.



Unless indicated otherwise, the text in this article is either based on Wikipedia article "Mortgage" or another language Wikipedia page thereof used under the terms of the GNU Free Documentation License; or on research by Jahsonic and friends. See Art and Popular Culture's copyright notice.

Personal tools