A more thorough explanation:

Definition: A third possessor is a person who acquires property that has been mortgaged, but is not personally responsible for the debt secured by the mortgage.

For example, if John takes out a mortgage on his house and then sells the house to Jane, Jane becomes the third possessor. Even though the house is still mortgaged, Jane is not responsible for paying off the mortgage debt. The responsibility for paying off the debt remains with John, the original borrower.

Another example would be if a bank forecloses on a property and then sells it to a new owner. The new owner would be considered a third possessor because they did not originally take out the mortgage and are not responsible for the debt.

These examples illustrate the concept of a third possessor, where someone can acquire property without taking on the debt that is secured by a mortgage.