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.
 Chat·tel n.  Law Any item of movable or immovable property except the freehold, or the things which are parcel of it. It is a more extensive term than goods or effects.
 Note: ☞ Chattels are personal or real: personal are such as are movable, as goods, plate, money; real are such rights in land as are less than a freehold, as leases, mortgages, growing corn, etc.
 Chattel mortgage Law, a mortgage on personal property, as distinguished from one on real property.
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 chattel mortgage
      n : a loan to buy some personal item; the item (or chattel) is
          security for the loan