A Mortgage Payable Is a Long-Term Debt That Is Backed

question 14

True/False

A mortgage payable is a long-term debt that is backed with a security interest in specific property.

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Definitions:

Assignee

A person, corporation, or entity to whom rights or interests have been transferred by another.

Delegatee

A person to whom duties, responsibilities, or authority is transferred from another, the delegator.

Delegator

A person or entity that assigns tasks or authority to others to carry out specific duties.

Obligee

The party in a contractual agreement who is owed a performance or payment by another party (the obligor).