Definition of: mortgage

(môr′gij) noun
1. Law An estate in land created by conveyance coupled with a condition of defeasance on the performance of some stipulated condition, as the payment of money.
2. A lien upon land or other property as security for the performance of some obligation, to become void on such performance.
3. The act of conveying, or the instrument effecting the conveyance.
4. A state or condition of being pledged as security for a debt like that of a mortgage of property.
—first mortgage A mortgage having precedence as a lien over all other mortgages.
—v.t. ·gaged, ·gag·ing
1. To make over or pledge (property) by mortgage.
2. To pledge. [<F, dead pledge]