Mortgagee, Mortgagor

MORTGAGEE - He to whom a mortgage is made.

He is entitled to the payment of the money secured to him by the mortgage; he has the legal estate in the land mortgaged, and may recover it in ejectment, on the other hand he cannot commit waste, he cannot make leases to the injury of the mortgagor, and he must account for the profits he receives out of the thing mortgaged when in possession.

MORTGAGOR - He who makes a mortgage.

He has rights, and is liable to certain duties as such. 1. He is quasi tenant, at will; he is entitled to an equity of redemption after forfeiture. 2. He cannot commit waste, nor make a lease injurious to the mortgagee. As between the mortgagor and third persons, the mortgagor is owner of the land. He can, however, do nothing which will defeat the rights of the mortgagee, as, to make a lease to bind him.
   

This entry contains material from Bouvier's Legal Dictionary, a work published in the 1850's.