What is MORTGAGE BILL OF SALE?

Signed document by a borrower-mortgagor giving a lender-mortgagee the right to claim and sell the collateral-mortgaged property a default on the loan agreement occurs. It is not an absolute sale, only a conditional bill of sale. The mortgagor continues to hold the property and has the right to redeem it on complete debt repayment.

More On This Topic




Link to This Definition

Did you find this definition of MORTGAGE BILL OF SALE helpful? You can share it by copying the code below and adding it to your blog or web page.
Written and fact checked by The Law Dictionary