mortgagor

mortgagor
    n 1: the person who gives a mortgage in return for money to be
         repaid; "we became mortgagors when the bank accepted our
         mortgage and loaned us the money to buy our new home" [syn:
         {mortgagor}, {mortgager}]
    

Mortgageor \Mort"gage*or\, Mortgagor \Mort"ga*gor\, n. (Law)
   One who gives a mortgage.
   [1913 Webster]

   Note: The letter e is required analogically after the second
         g in order to soften it; but the spelling mortgagor is
         in fact the prevailing form. When the word is
         contradistinguished from mortgagee it is accented on
         the last syllable (-j[^o]r").
         [1913 Webster]
    

MORTGAGOR, estate's, contracts. He who makes a mortgage.
     2. He has rights, and is liable to certain duties as such. 1. He is 
quasi tenant, at will; he is entitled to an equity of redemption after 
forfeiture. 2. He cannot commit waste, nor make a lease injurious to the 
mortgagee. As between the mortgagor and third persons, the mortgagor is 
owner of the land. Dougl. 632; 4 McCord, R. 310; 3 Fairf. R. 243; but see 3 
Pick. R. 204; 1 N. H. Rep. 171; 2 N. H. Rep. 16; 10 Conn. R. 243; 1 Vern. 3; 
2 Vern. 621; 1 Atk. 605. He can, however, do nothing which will defeat the 
rights of the mortgagee, as, to make a lease to bind him. Dougl. 21. Vide 
Mortgagee; 2 Jack. & Walk. 194.