mortgage bill of sale definition

mortgage bill of sale

Document signed by a borrower (mortgagor) to give a lender (mortgagee) the right to claim and sell the pledged (mortgaged) property if a debt is not paid according to the terms of loan agreement. Since the mortgagor usually retains the possession of the property and has the right to redeem it on repayment of the debt, it is not an absolute but a conditional bill of sale.

mortgage bill of sale is in the Banking, Commerce & Finance and Corporate, Commercial, & General Law subjects.

mortgage bill of sale appears in the definitions of the following terms: mortgage and bill of sale

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