Century Dictionary and Cyclopedia
- An association that lends money on the pledge of real estate. Such associations are of two kinds: Those in which the association lends money on real estate at a fixed rate of interest, and issues stock based on the property thus pledged, promising to pay a fixed rate of interest thereon. The stock may be bought by any person. The purchaser, in effect, buys the stock on the promise of the borrower coupled with the pledge of his property, and on the further promise of the association. This form is common in Germany.
GNU Webster's 1913
- A company licensed for the purpose of carrying out improvements, by means of loans and advances upon real securities.
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