A lien created by statute for the purpose of securing priority of payment for the price or value of work performed and materials furnished in construction or repair of improvements to land, and which attaches to the land as well as the improvements.
A written document by which land is pledged as security for the repayment of a loan, or other obligation. Specifically, (1) To hypothecate as security, real property for the payment of a debt. The borrower (mortgagor) retains possession and use of the property. (2) The instrument by which real estate is hypothecated as security for the repayment of a loan.
The party lending the money and receiving the mortgage.
The party who borrows the money and gives the mortgage.