Mortgage
The situation is someone mortgaged his motorcycle to me for 15000 Rupees. He borrowed 15000 rupees and gave me 1 month's interest in advance.
From my perspective as a short note can I write this?
Motorcycle has been mortgaged for 15000 rupees and 1 month's Interest paid in advance.
Motorcycle has been kept as a mortgage or guarantee for 15000 rupees. 1 month's interest paid in advance.
15000 is paid to Mr. X on motorcycle mortgage, 1 month's interest deducted in advance.
Top answer
We don't use "mortgage" for that. He gave you his motorcyle as security for the loan. You are holding his motorcycle against repayment of the loan.
- We don't use "mortgage" for that.
- He gave you his motorcyle as security for the loan.
- You are holding his motorcycle against repayment of the loan.
- He secured the loan with a motorcycle.
- By the way, we use a comma every three places in large numbers, "15,000".
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We don't use "mortgage" for that. He gave you his motorcyle as security for the loan. You are holding his motorcycle against repayment of the loan. He secured the loan with a motorcycle.
By the way, we use a comma every three places in large numbers, "15,000".
0In the US, we say: I loaned him 15000 rupees and he put his motorcycle up as collateral.
When he didn't pay the interest, / When he defaulted on the loan, I repossessed the motorcycle.
A mortgage is exclusively used for real property and loans are for all other borrowing, except for large companies and the government, which sell bonds.
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