Section 91. If a loan of less than one thousand dollars is secured by a mortgage or pledge of personal property, the mortgagee or pledgee shall discharge such mortgage and restore such pledge upon payment or tender to him of the amount legally due under the preceding section, and such payment or tender may be made by the debtor or by a person having an interest in the property mortgaged or pledged.

Terms Used In Massachusetts General Laws ch. 140 sec. 91

  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgagee: The person to whom property is mortgaged and who has loaned the money.
  • Personal property: All property that is not real property.
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