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First mortgage   /fərst mˈɔrgədʒ/   Listen
First mortgage

noun
1.
A mortgage that has priority over all mortgages and liens except those imposed by law.






WordNet 3.0 © 2010 Princeton University








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"First mortgage" Quotes from Famous Books



... Siberia to-morrow—little as they are known there—and with a small Gordon press, a quire of bond paper and a pair of three-pennyweight gloves they would soon own Siberia, with a right of way across the rest of Europe and a first mortgage on the Russian throne. As fast as Col. Sullivan knocked out a dynasty Jay could come in and administer on the estate. This would be a powerful combination. It would afford us an opportunity also to get some of those Russian hay-fever names and chilblains by red message. ...
— Nye and Riley's Wit and Humor (Poems and Yarns) • Bill Nye

... results of beer drinking are lockjaw and erysipelas, and that the beer drinker seems incapable of recovering from mild disorders and injuries not usually regarded of a grave character. Pneumonia, pleurisy, fevers, etc., seem to have a first mortgage on him, which they foreclose remorselessly at ...
— The Use and Need of the Life of Carry A. Nation • Carry A. Nation

... advantageous terms. After deducting from the proceeds of the house and furniture the hundred and fifty thousand francs we owe you, I think I can guarantee to madame that two hundred and fifty thousand will remain to her. I take upon myself to invest that sum in a first mortgage on property worth a million, and to obtain ten per cent for it,—twenty-five thousand francs a year. Consequently, we are marrying on nearly equal fortunes. In fact, against your forty-six thousand francs a year, Mademoiselle Natalie brings you forty thousand a year in the Five-per-cents, and ...
— The Marriage Contract • Honore de Balzac

... was somewhat impersonal, consisting as it did solely of a continuous weekly bombardment of pamphlets on the fruit-growing possibilities of the Okanagan Valley, with the Langford-Ralston Corporation writ large on the advertisements thereon; printed dodgers of sub-divisions and ranching first mortgage propositions issued by the Company every few days; and copies of the Vernock and District Advertiser containing the Langford-Ralston Company's ...
— The Spoilers of the Valley • Robert Watson

... their father had settled nineteen hundred pounds on her, for her separate use, with remainder to her children, if any; that he and Mr. Graham were the trustees of this small fund; that they had invested it, according to the provisions of the settlement, in a first mortgage on land; and informing her that half a year's interest at 4 12 per cent was due, which it was his duty to pay into her own hand and no other person's; she would therefore oblige him by receiving the inclosed check, ...
— Put Yourself in His Place • Charles Reade

... troubled with too much money. They have usually commenced with a great desire for economy, selecting a "cheap" engineer, and getting a low estimate of the probable cost. A portion of the amount is subscribed for in stock, and the next thing is to run in debt. "First mortgage bonds" are issued and sold. The proceeds are expended, and the road is not half done. Another issue is sold at a great discount, and yet another, if possible. As the road approaches completion, the desperate Directors raise money by the most desperate expedients, such as would bankrupt any merchant ...
— Atlantic Monthly, Vol. 5, No. 32, June, 1860 • Various

... of the United States for bonds advanced to the company, provided for by the act of 1862, was made subordinate to the lien of the bonds of the company sold in the market—a fatal error, which led to all the serious complications which followed. The proceeds of the sale of the first mortgage bonds of the company, with a portion of those issued by the United States in aid of the company, built both the Union and Central Pacific, so that the constructors of those roads, who were mainly directors and managers ...
— Recollections of Forty Years in the House, Senate and Cabinet - An Autobiography. • John Sherman



Words linked to "First mortgage" :   mortgage



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