submortgagee

English

Etymology

sub- +‎ mortgagee

Noun

submortgagee (countable and uncountable, plural submortgagees)

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.
   • 2016, David Osborne, Graeme Bowtle & Charles Buss, chapter 3, in The Law of Ship Mortgages‎^[1], page 62:

     Accordingly, the submortgagee can take no action against the ship or owner unless and until the underlying mortgage becomes enforceable.

Related terms

• submortgage