North Dakota Code 47-10.2-01 – Definitions
Current as of: 2023 | Check for updates
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In sections 47-10.2-01 through 47-10.2-03, unless the context or subject matter otherwise requires:
Terms Used In North Dakota Code 47-10.2-01
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- 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.
- Person: means an individual, organization, government, political subdivision, or government agency or instrumentality. See North Dakota Code 1-01-49
1. “Borrower” means the obligor under a residential mortgage held by a mortgagee.
2. “Servicer” means a person or entity maintaining an escrow account for a residential mortgagee.
3. “Surplus amount” means from the annual escrow account analysis, any amount greater than or equal to fifty dollars, excluding any escrow cushion required by the servicer.