subject to mortgage


Also found in: Financial.

subject to mortgage

A conveyance of property will be subject to an existing mortgage if the purchaser has actual or constructive notice of it, e.g., if a mortgage of real property has been recorded in the land records. If there is a default in mortgage payments, the mortgagee may fore-close. The new owner usually keeps up the mortgage payments in order to preserve his interest in the property. But if he decides not to do so (if, for example, the property’s value drops below that of the amount still unpaid on the mortgage), he is not personally liable to make the mortgage payments unless he has agreed to do so. See assumption of mortgage.
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The rights issue is subject to all regulations of trading, clearing, settlement and commissions in effect in the market will be applicable to trades of the rights issue, which are not subject to mortgage, or to margin trading.
In the past 12 months, 1,392 homes in the city were subject to mortgage repossession or eviction court orders -In the past 12 months, 1,392 homes in the city were subject to mortgage repossession or eviction court orders as tenants and mortgage-payers strug-TURN TO PAGE 2 TURN TO PAGE 2 gled to meet their financial obligations.
And it can be the subject to mortgage both on obtaining credit funds in the commercial bank and refinancing in the central bank .
The Tax Court held only a transfer of property subject to mortgage or lien is a sale or exchange for purposes of the prohibited transaction rules.
In pursuit of its planned reorganization, North Lily has signed a letter agreement with a lender interested in marketing and providing financing for North Lily's approximate 7000 acres of rural Utah properties (some of which are subject to mortgage defaults).
The community was previously owned by the company subject to mortgage indebtedness which was repaid upon closing of the sale/leaseback.
The seven previously owned assisted living communities were subject to mortgage indebtedness which was repaid upon closing.