submortgage en · NOUN
Pronunciation
- (US) audio
Etymology
From sub- + mortgage.
Meanings
-
(countable, uncountable) 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.
The amount secured by the submortgage can never exceed the amount secured by the original mortgage.
2016, David Osborne, Graeme Bowtle & Charles Buss, chapter 3, in The Law of Ship Mortgages, page 61:
Forms
| Spelling | Features | Labels | Source |
|---|---|---|---|
| submortgages | Number=Plur | lexicographic |