§46-19. Definitions.

128 words·~1 min read·/ok/title-46-mortgages/46-19

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

As used in this act:

1. "Buyer" means a person who purchases property through financing, in whole or in part, by a loan secured by the property;

2. "Mortgagee" means a person who provides financing, in whole or in part, to a buyer for the purchase of property and the financing is secured by the property;

3. "Person" means an individual, partnership, corporation, trust or other legal entity;

4. "Property" means real property which is either improved property or unimproved property which is purchased through financing by a loan for construction; and

5. "Title protection document" means a lawyer's title opinion letter, a title certificate, a title insurance policy or other written assurance as to the state of the title to property. Laws 1979, c. 166, § 1.