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.
History: (Acts 1987, No. 87-660, p. 1168, §1.)