Comparative law notes
According to the Hungarian Civil Code: 1. where the same pledged property is encumbered by more than one mortgage, 2. the creditors may have recourse to the property in the order in which their mortgages were established.
There are multiple definitions - click on the translation that matches your context.
second mortgage means:
főnév
partial
noun
According to the Hungarian Civil Code: 1. where the same pledged property is encumbered by more than one mortgage, 2. the creditors may have recourse to the property in the order in which their mortgages were established.
a mortgage (money loaned using property as security) on a property that is already mortgaged
He took out a second mortgage on his house.