44-8-29. Definition of terms.
204 words·~1 min read·
/sd/title-44/chapter-44-8/44-8-29A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Terms used in §§ 44-8-30 to 44-8-35 , inclusive, mean:
(1)"Mortgage," a mortgage or mortgage lien on an interest in real property in this state given to secure a loan;
(2)"Mortgagee," the grantee of a mortgage or, if a mortgage has been assigned of record, the last person to whom the mortgage has been assigned of record;
(3)"Mortgage servicer," the last person to whom a mortgagor or the mortgagor's successor in the interest has been instructed by a mortgagee to send payments on a loan secured by a mortgage. A person transmitting a payoff statement is the mortgage servicer for the mortgage described in the payment statement;
(4)"Mortgagor," the grantor of a mortgage;
(5)"Payoff statement," a statement of the amount of the unpaid balance of a loan secured by a mortgage, including principal, interest, and any other charges properly due under or secured by the mortgage; and interest on a per day basis for the unpaid balance;
(6)"Record," to record with the county register of deeds;
(7)"Title insurance company," any corporation or other business entity authorized and licensed to transact the business of insuring titles to interests in real property in this state under chapter 58-25 .