As used in this article, the following terms shall have the following meanings:

(1) LENDER. A person who holds a mortgage, lien, deed of trust, or other security interest in property. The term includes an assignee, receiver, or other transferee of the interest.

Terms Used In Alabama Code 27-22-60

  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • following: means next after. See Alabama Code 1-1-1
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • person: includes a corporation as well as a natural person. See Alabama Code 1-1-1
  • property: includes both real and personal property. See Alabama Code 1-1-1
(2) RESIDENTIAL REAL PROPERTY. Any of the following:

a. A single-family house.
b. A duplex, triplex, or quadraplex.
c. A unit in a multi-unit residential structure in which title to an individual unit is transferred to the owner of the unit under a condominium or cooperative system.
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