Code of Alabama |
Match Context and Document information |
URL: | http://alisondb.legislature.state.al.us/alison/CodeOfAlabama /1975/35-10-50.htm |
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Depth: | 0 singles |
Size: | 1,196 bytes |
Modified: | 2015-07-21 15:02:14 |
Categories: | -None- |
Title: | 35-10-50 |
Description: | -None- |
Keywords: | -None- |
Meta data: | -None- |
Body: | Section 35-10-50 Definitions. Unless the context otherwise requires, the words defined in this section shall have the following meanings in this article. (1) DEED IN LIEU OF FORECLOSURE. Any instrument, however denominated, whereby a mortgagor transfers to a mortgagee the mortgagor's rights in mortgaged property. (2) MORTGAGE. A mortgage, deed of trust, or similar security instrument on real property, or instrument creating a vendor's lien on real property, securing the payment of money. (3) MORTGAGOR. An owner of an interest in mortgaged property. (4) MORTGAGEE. The owner of the debt secured by a mortgage. (5) MORTGAGED PROPERTY. Any real property or interest therein that is subject to a mortgage. (6) EQUITY OF REDEMPTION. The interest the mortgagor has in the mortgaged property. (Acts 1987, No. 87-660, p. 1168, ยง1.) |