Terms Used In Arizona Laws > Title 20 > Chapter 7 - Professional Liability Insurance

• Bank: means a corporation that holds a banking permit issued pursuant to chapter 2 of this title. See Arizona Laws 6-101
• Deed: The legal instrument used to transfer title in real property from one person to another.
• department: means the department of insurance and financial institutions. See Arizona Laws 20-101
• Deputy director: means the deputy director of the financial institutions division of the department. See Arizona Laws 6-101
• Division: means the financial institutions division within the department. See Arizona Laws 6-101
• Lessee: means a person contracting with a lessor for the use of a safe deposit repository. See Arizona Laws 6-1001
• Lessor: means a corporation or association authorized under the laws of this state, any other state or the United States to do business as a bank, trust company, credit union or savings and loan association and maintaining safe deposit repositories for public use. See Arizona Laws 6-1001
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• Mortgagee: The person to whom property is mortgaged and who has loaned the money.
• repository: means a safe deposit box or any other safe deposit receptacle and includes the lessor's vault space made available for use by the lessee in common with others for the storage of property or documents. See Arizona Laws 6-1001