Blanket Mortgage

Definition: A blanket mortgage secures one debt with more than one parcel of real property.

Example

One mortgage lien covers three development lots.

Keep the distinction clear

A blanket mortgage is identified by multiple parcels. A package mortgage is identified by real and personal property serving as collateral.

Related terms

Partial Release Clause · Package Mortgage · Collateral

Keep studying

Mortgages: Borrower, Lender, Ownership, and Key Clauses

References: FREC Course I syllabus: mortgage instruments and clauses

Pronunciation (US): BLANG-kit MOR-gij (capitals show stress)

Pronunciation reference: Merriam-Webster