Mortgage
Property Law

A mortgage is a security interest in property for the repayment of money or money's worth. The mortgagor is the person who grants the interest in the property and the mortgagee is the person to whom the property has been mortgaged. The equity of redemption is the inviolable right vesting in the mortgagor to have the property transferred back to them once the mortgage debt has been discharged.

Several mortgages may exist over one property and in recovery proceedings for mortgage debts, the mortgagors take in priority according to specific rules according to their legal or equitable interest.