|n.||1.||(Law) The person to whom property is mortgaged, or to whom a mortgage is made or given.|
|Noun||1.||mortgagee - the person who accepts a mortgage; "the bank became our mortgagee when it accepted our mortgage on our new home"|
Synonyms: mortgage holder
MORTGAGEE, estates, contracts. He to whom a mortgage is made.
2. He is entitled to the payment of the money secured to him by the mortgage; he has the legal estate in the land mortgaged, and may recover it in ejectment, on the other hand he cannot commit waste; 4 Watts, R. 460; he cannot make leases to the injury of the mortgagor; and he must account for the profits he receives out of the thing mortgaged when in possession. Cruise, Dig. tit. 15, c. 2.