mortgagee in possession

mortgagee in possession
A mortgagee in possession of the property mortgaged to him. An expression adopted by courts and law writers as a convenient phrase to describe the condition of a mortgagee who is in possession of mortgaged premises under such circumstances as to make the satisfaction of his lien a prerequisite to his being dispossessed, even in jurisdictions where the mortgage itself can confer no possessory right either before or after default; but the authorities are in some confusion as to what these circumstances are. It has been said that the possession must be "lawfully" acquired, or "without force;" that it must be taken under the mortgage, and because of it; that it need not be under the mortgage, nor with a view thereto; that it must be with the consent of the mortgagor, express or implied, etc. But there is probably no case limiting the right of a mortgagee to hold property of which he is in lawful possession to a case where such possession was with the consent of the mortgagor. Stouffer v Harlan, 68 Kan 135,74P610.

Ballentine's law dictionary. . 1998.

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