DICT.TW Dictionary Taiwan

 Mort·gage n.
 1. Law A conveyance of property, upon condition, as security for the payment of a debt or the preformance of a duty, and to become void upon payment or performance according to the stipulated terms; also, the written instrument by which the conveyance is made.
 Note: ☞ It was called a mortgage (or dead pledge) because, whatever profit it might yield, it did not thereby redeem itself, but became lost or dead to the mortgager upon breach of the condition.  But in equity a right of redemption is an inseparable incident of a mortgage until the mortgager is debarred by his own laches, or by judicial decree.
 2. State of being pledged; as, lands given in mortgage.
 Chattel mortgage. See under Chattel.
 To foreclose a mortgage. See under Foreclose.
 Mortgage deed Law, a deed given by way of mortgage.

 Fore·close v. t. [imp. & p. p. Foreclosed p. pr. & vb. n. Foreclosing ]  To shut up or out; to preclude; to stop; to prevent; to bar; to exclude.
    The embargo with Spain foreclosed this trade.   --Carew.
 To foreclose a mortgager Law, to cut him off by a judgment of court from the power of redeeming the mortgaged premises, termed his equity of redemption.
 To foreclose a mortgage, (not technically correct, but often used to signify) the obtaining a judgment for the payment of an overdue mortgage, and the exposure of the mortgaged property to sale to meet the mortgage debt.
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