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Updated: June 1, 2025
These will be in denominations of $100 each, bearing six per cent. interest after two years from June 1, 1914, and will be redeemable, at the option of the mortgagor, at any regular annual interest period on or after five years from the date of issue. They will be payable in fifteen years.
Following a parallel line of progress, the English Court of Chancery created a special proprietorship for the Mortgagor, for the Cestui que Trust, for the Married Woman who had the advantage of a particular kind of settlement, and for the Purchaser who had not yet acquired a complete legal ownership.
"Nine hundred and sixty-five pun. And I've arranged to lend out that money again, at once! What am I to say to th' mortgagor? Am I to tell him as I've lost it?... No! I never!" Mrs. Maldon murmured "Nay, nay! It's no use looking at me. I thought I should never get over it in the night. But I'm quite resigned now." Rachel, standing near the door, could observe both Mrs.
In many cases the words also connote actions which would be done under certain contingencies by persons other than those denoted: as the words mortgagor and mortgagee, obligor and obligee, and many other words expressive of legal relation, which connote what a court of justice would do to enforce the legal obligation if not fulfilled.
This was a sort of hint not to be neglected. All the world over, the picturesque yields to the pocketesque. The mortgagor cared not, but the mortgagee did. So another operation was performed. The wax nose was taken off, and a new one fitted on.
Now, mortgagees in Dublin or London are not at all ready to take into account the difficulty of collecting rents in Connaught, and insist on being paid. Even their rancour, however, has moderated slightly just of late, for they are as afraid to foreclose on unsaleable property as the mortgagor is of losing his claim on it for ever.
In the body of the note it must be stated that it is secured by mortgage. The date of the note and mortgage should be the same. The man who mortgages his property is the mortgagor. The man to whom the mortgage is given is the mortgagee.
If there is money left over it is paid to the mortgagor, whose interests in the property are then at an end. Many people, not familiar with business methods, are inclined to regard a mortgage as something of a disgrace, when, as a matter of fact it is a most usual and honorable means of raising money for the securing of a home or the conducting of a business.
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