n. the person who has borrowed money and pledged his/her real property as security for the (mortgagee). (See: mortgage, mortgagee)
MORTGAGOR, estate's, contracts. He who makes a mortgage.
2. He has rights, and is liable to certain duties as such. 1. He is
quasi tenant, at will; he is entitled to an equity of redemption after
forfeiture. 2. He cannot commit waste, nor make a lease injurious to the
mortgagee. As between the mortgagor and third persons, the mortgagor is
owner of the land. Dougl. 632; 4 McCord, R. 310; 3 Fairf. R. 243; but see 3
Pick. R. 204; 1 N. H. Rep. 171; 2 N. H. Rep. 16; 10 Conn. R. 243; 1 Vern. 3;
2 Vern. 621; 1 Atk. 605. He can, however, do nothing which will defeat the
rights of the mortgagee, as, to make a lease to bind him. Dougl. 21. Vide
Mortgagee; 2 Jack. & Walk. 194.