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equitable mortgage |
Also found in: Legal | 0.01 sec. |
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equitable mortgage The declaration by a court that an instrument by which one is to pay money to another and,as a result,receive title to real property when all payments have been completed is in reality a mortgage,and the parties will be treated as if they had all the rights and responsibilities of a mortgage relationship.The exception is if an innocent third party buys the property; then the equitable mortgagor—the person making the payments—cannot recover the property but may only sue the seller for damages.See also equitable lien. Want to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit the webmaster's page for free fun content. |
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