first mortgage
Defined in 3 dictionaries — U.S. Code, Ballentine's (1916), Black's (1910)
United States Code
12 U.S.C. § 1715Z — for purposes of this section (5 versions over time)
The term “first mortgage” means such classes of first liens as are commonly given to secure advances on, or the unpaid purchase price of, real estate or a first or subordinate lien on all stock allocated to a dwelling unit in a residential cooperative housing corporation, under the laws of the State in which the real estate or dwelling unit is located, together with the credit instruments, if any, secured thereby.
12 U.S.C. § 1715Z — in this section
The term “first mortgage” means a single first lien given to secure advances on, or the unpaid purchase price of, real estate, under the laws of the State in which the real estate is located, together with the credit instrument, if any, secured thereby. Any other financing permitted on property insured under this section must be expressly subordinate to the insured mortgage.
Ballentine's Law Dictionary
James A. Ballentine · 1916
Black's Law Dictionary
Henry Campbell Black, M.A. · 1910
The first (in time or right) of a series of two or more mortgages covering the same property and successively attaching as liens upon it; also, in a more particular sense. a mortgage which is a first lien on the property, not only as against other mortgages, but as against any other charges or incumbrances. Green's Appeal, 07 Pa. 347.
Defined under Mortgage in Black's Law Dictionary.