Asked by Zachary Zamborelli on Jul 25, 2024
Verified
If Linda puts up her land as collateral for a loan from Small Bank,she is the mortgagor.
Mortgagor
The party who borrows money and gives a mortgage to the lender or mortgagee as security for the loan.
Collateral
The property that is subject to a security interest.
- Comprehend the roles and obligations of parties in mortgage arrangements.
Verified Answer
GC
Gabriel CorzineJul 30, 2024
Final Answer :
True
Explanation :
The term "mortgagor" refers to the borrower who puts up their property as collateral for a loan, while the term "mortgagee" refers to the lender who holds the mortgage. Therefore, if Linda puts up her land as collateral for a loan from Small Bank, she is the mortgagor.
Learning Objectives
- Comprehend the roles and obligations of parties in mortgage arrangements.
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