submortgagee
English edit
Etymology edit
Noun edit
submortgagee (countable and uncountable, plural submortgagees)
- (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.