'To foreclose a mortgage' definitions:
Definition of 'To foreclose a mortgage'
From: GCIDE
- Mortgage \Mort"gage\ (m[^o]r"g[asl]j; 48), n. [F. mort-gage; mort dead (L. mortuus) + gage pledge. See Mortal, and Gage.]
- 1. (Law) A conveyance of property, upon condition, as security for the payment of a debt or the preformance of a duty, and to become void upon payment or performance according to the stipulated terms; also, the written instrument by which the conveyance is made. [1913 Webster]
- Note: It was called a mortgage (or dead pledge) because, whatever profit it might yield, it did not thereby redeem itself, but became lost or dead to the mortgager upon breach of the condition. But in equity a right of redemption is an inseparable incident of a mortgage until the mortgager is debarred by his own laches, or by judicial decree. --Cowell. --Kent. [1913 Webster]
- 2. State of being pledged; as, lands given in mortgage. [1913 Webster]
- Chattel mortgage. See under Chattel.
- To foreclose a mortgage. See under Foreclose.
- Mortgage deed (Law), a deed given by way of mortgage. [1913 Webster]
Definition of 'To foreclose a mortgage'
From: GCIDE
- Foreclose \Fore*close"\, v. t. [imp. & p. p. Foreclosed; p. pr. & vb. n. Foreclosing.] [F. forclos, p. p. of forclore to exclude; OF. fors, F. hors, except, outside (fr. L. foris outside) + F. clore to close. See Foreign, and Close, v. t.] To shut up or out; to preclude; to stop; to prevent; to bar; to exclude. [1913 Webster]
- The embargo with Spain foreclosed this trade. --Carew. [1913 Webster]
- To foreclose a mortgager (Law), to cut him off by a judgment of court from the power of redeeming the mortgaged premises, termed his equity of redemption.
- To foreclose a mortgage, (not technically correct, but often used to signify) the obtaining a judgment for the payment of an overdue mortgage, and the exposure of the mortgaged property to sale to meet the mortgage debt. --Wharton. [1913 Webster]