submortgagee en · NOUN
Etymology
From sub- + mortgagee.
Meanings
-
(countable, uncountable) One who provides a loan secured by a mortgagee's interest in a mortgage and in effect becomes the assignee of that mortgage.
Accordingly, the submortgagee can take no action against the ship or owner unless and until the underlying mortgage becomes enforceable.
2016, David Osborne, Graeme Bowtle & Charles Buss, chapter 3, in The Law of Ship Mortgages, page 62:
Forms
| Spelling | Features | Labels | Source |
|---|---|---|---|
| submortgagees | Number=Plur | lexicographic |