Who is described as one who acquires mortgaged property but is not personally bound for the mortgage obligation?

The individual described as one who acquires mortgaged property but is not personally bound for the mortgage obligation is a third possessor. This term refers to someone who may obtain ownership or possession of the property that is subject to a mortgage, but does not take on the borrower’s financial responsibilities associated with that mortgage.

In real estate transactions, a third possessor might acquire the property through various means, such as a purchase or gift, but their rights to the property do not necessarily include the obligation to repay the mortgage debt. This separation can occur in various legal and financial contexts, allowing for the property to change hands while the mortgage obligation remains tied to the original borrower or mortgagor.

Understanding the role of a third possessor is crucial in real estate, especially when dealing with properties that have existing liens or mortgages. It highlights how different parties can hold rights to the property without assuming financial responsibilities, which is essential for navigating real estate law effectively.