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Mortgagee

   Also found in: Dictionary/thesaurus, Medical, Financial, Encyclopedia, Wikipedia, Hutchinson 0.20 sec.

mortgagee n. the person or business making a loan that is secured by the real property of the person (mortgagor) who owes him/her/it money. (See: mortgage, mortgagor)

MORTGAGEE, estates, contracts. He to whom a mortgage is made.
     2. He is entitled to the payment of the money secured to him by the mortgage; he has the legal estate in the land mortgaged, and may recover it in ejectment, on the other hand he cannot commit waste; 4 Watts, R. 460; he cannot make leases to the injury of the mortgagor; and he must account for the profits he receives out of the thing mortgaged when in possession. Cruise, Dig. tit. 15, c. 2.



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