submortgagee
nounEtymology From sub- + mortgagee.
1
Law One who provides a loan secured by a mortgagee's interest in a mortgage and in effect becomes the assignee of that mortgage.
- Accordingly, the submortgagee can take no action against the ship or owner unless and until the underlying mortgage becomes enforceable.2016, David Osborne, Graeme Bowtle & Charles Buss, chapter 3, in The Law of Ship Mortgages, page 62:
- Related terms
- submortgage