§ 35-10-50 — Definitions

Alabama § 35-10-50

• Jurisdiction: Alabama
• Title 35: Property
• Ch. 10: Mortgages
• Art. 3: Deeds in Lieu of Foreclosure

Text

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.

Legislative History

(Acts 1987, No. 87-660, p. 1168, §1.)