§ 18-50-101 — Definitions

Arkansas § 18-50-101

• Jurisdiction: Arkansas
• Title: 18

Text

As used in this chapter: (1) "Beneficiary" means the person named or otherwise designated in a deed of trust as the person for whose benefit a deed of trust is given or his or her successor in interest; (2) "Deed of trust" means a deed conveying real property in trust to secure the performance of an obligation of the grantor named in the deed or an obligor that is secured by the deed of trust to a beneficiary and conferring upon the trustee a power of sale for breach of an obligation of the grantor or obligor contained in the deed of trust; (3) "Grantor" means the person conveying an interest in real property by a mortgage or deed of trust as security for the performance of an obligation secured by the mortgage or deed of trust; (4) "Mortgage" means the grant of an interest in real property to be held as security for the performance of an obligation by the mortgagor or other person; (5) "Mortgage company" means any private, state, or federal entity that in the usual course of its business is either the mortgagee or beneficiary of a deed of trust or mortgage; (6) "Mortgage loan servicer" means an entity that holds itself out as being able to service loans secured by liens or mortgages encumbering real property; (7) "Mortgagee" means the person holding an interest in real property as security for the performance of an obligation secured by a mortgage or his or her attorney-in-fact appointed pursuant to this chapter; (8) "Mortgagor" means the person granting an interest in real property as security for the performance of an obligation secured by a mortgage; (9) "Obligor" means a person owing an obligation that is secured by a mortgage or deed of trust; (10) "Sale" means the public auction conducted pursuant to § 18-50-107 ; (11) "Trust property" means the property encumbered by a mortgage or deed of trust; and (12) "Trustee" means any person or legal entity to whom legal title to real property is conveyed by deed of trust or his or her successor in interest.

Legislative History

Acts 1987, No. 53, § 1; 1989, No. 532, § 1; 1999, No. 983, § 1; 2011, No. 885, § 1; 2011, No. 901, § 1.