Quote:
Originally Posted by gmw
Because it's a Saturday and it's too hot to do anything outside ...
First some definitions from The Free Dictionary's legal-dictionary:
Property = anything that is owned by a person or entity. Property is divided into two types: "real property" which is any interest in land, real estate, growing plants or the improvements on it, and "personal property" (sometimes called "personalty") which is everything else.
Personal Property = Personal property can be divided into two major categories: (1) corporeal personal property, including such items as animals, merchandise, and jewelry; and (2) incorporeal personal property, comprised of such rights as stocks, bonds, Patents, and copyrights.
I do notice that mortgage is not explicitly listed, but "such rights as" shows the list is not considered comprehensive. But let's move on...
Mortgage = A legal document by which the owner (i.e., the buyer) transfers to the lender an interest in real estate to secure the repayment of a debt, evidenced by a mortgage note. [...] a document in which the owner pledges his/her/its title to real property to a lender as security for a loan described in a promissory note.
Asset = Real or Personal Property, whether tangible or intangible, that has financial value and can be used for the payment of its owner's debts.
Instrument = A formal or legal written document; a document in writing, such as a deed, lease, bond, contract, or will. A writing that serves as evidence of an individual's right to collect money, such as a check.
cf. that "right to collect money" with the "rights" of Personal Property.
From my accounting lessons I know that a mortgage is considered an asset of the mortgagee, and I'd also say that a mortgage falls within the asset definition from the legal-dictionary site above (has value, can be used for payment of its owners debts). So the above definitions would seem to suggest that a mortgage is property, even in legal terms.
I am supposing that legal documents and discussions probably avoid using the word property to describe the mortgage because it would get very confusing to refer to the document itself as a property separate to the mortgaged property.
... Then again. I paid so much for the legal advice above, that I'm willing to guarantee this post to the same level  |
A mortgage is a specific kind of bond. One collateralized with a piece of real estate.
(Today is a travel day for me. I may not sign on for a while. . . )