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WAEC Commerce 2014 Question 14

Question 14

Banking

The person who gave his building as a security for loan is known as a

  1. A.trustee.
  2. B.mortgagee.
  3. C.mortgagor.
  4. D.guarantor.
Show the answer and explanation

Answer: C (mortgagor.)

Explanation

The borrower who mortgages his property is the mortgagor; the lender is the mortgagee.