'submortgage' can also refer to...


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A mortgage of a mortgage. A submortgagor is a person who holds a mortgage over another's land and charges that mortgage as security for a debt he owes to a third party (the submortgagee). If the submortgagor defaults, the submortgagee may sell the mortgage (but not the land) and recover the debt from the proceeds.

Subjects: Law.

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