Terms Used In Idaho Code 43-2003

  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgagee: The person to whom property is mortgaged and who has loaned the money.
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • State: when applied to the different parts of the United States, includes the District of Columbia and the territories; and the words "United States" may include the District of Columbia and territories. See Idaho Code 73-114
The director of the department of finance shall make such investigation of the application as he shall deem necessary and shall submit the same, together with his recommendations to the state board of land commissioners. If, in the opinion of the state board of land commissioners, the release of the first mortgage held by the state of Idaho and acceptance in lieu thereof of a second mortgagee will increase the value of the loan and enhance the value of the real property mortgaged to secure the payment thereof, and that the terms and conditions of said application are equitable and will protect the security of the loan made by the state of Idaho, it shall enter an order directing the release of the said first mortgage held by the state of Idaho and the acceptance of a second mortgage by the director of the department of finance in lieu thereof in such amount as shall be due the state of Idaho on said first mortgage. Said board may specify such terms and conditions to the release of said first mortgage and the acceptance of said second mortgage as it shall deem necessary.