first mortgage

Also found in: Financial

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first mortgage

(Economics, Accounting & Finance / Banking & Finance) a mortgage that has priority over other mortgages on the same property, except for taxation and other statutory liabilities

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Noun

first mortgage - a mortgage that has priority over all mortgages and liens except those imposed by law

mortgage - a conditional conveyance of property as security for the repayment of a loan

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underlie

Within the year Nellie married Bert Mall, Peter's eldest son, and Martin, at once, bought out her half interest in the farm, stock and implements, giving a first mortgage to Robinson in order to pay cash.

Dust by Haldeman, Julius Mr. and Mrs. View in context

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