§ 952 — Definitions

§ 952. Definitions. When used in this title:\n 1. "Mortgage investing institution" means any bank, trust company,\nnational bank, savings bank, savings and loan association, federal\nsavings bank, federal savings and loan association, private banker,\ncredit union, federal credit union, investment company, pension fund,\nlicensed mortgage banker or any other entity which maintains a real\nproperty tax escrow account for real property located in this state.\n 2. "Mortgagor" means a person having title to and occupying a one to\nsix family residence which is located in this state and is subject to a\nmortgage.\n 2-a. "Non-mortgagor" means a person having title to and occupying a\none to six family residence which is located in this state and is not\nsubject to a mortgage.\n 3. "Real property tax escrow account" means an account established by\ncontract between a mortgagor of real property improved by a one to six\nfamily residence and the mortgage investing institution having a\nmortgage thereon, into which the mortgage investing institution shall\ndeposit money collected from the mortgagor for the purpose of paying\ntaxes.\n 4. "One to six family residence" means property used primarily for\nresidential purposes for one to six families, including property held in\ncondominium form of ownership, and which is occupied in whole or in part\nby the owner.\n 5. "Tax" or "taxes" means a charge imposed upon real property by or on\nbehalf of a county, city, town, village or school district for municipal\nor school district purposes, including a special ad valorem levy,\nspecial assessment or any similar charge.\n