Unless the context otherwise requires, the words defined in this section shall have the following meanings in this article.

(1) DEED IN LIEU OF FORECLOSURE. Any instrument, however denominated, whereby a mortgagor transfers to a mortgagee the mortgagor’s rights in mortgaged property.

Terms Used In Alabama Code 35-10-50

  • 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
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • 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.
  • Mortgagee: The person to whom property is mortgaged and who has loaned the money.
  • Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
  • property: includes both real and personal property. See Alabama Code 1-1-1
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • real property: includes lands, tenements and hereditaments. See Alabama Code 1-1-1
(2) MORTGAGE. A mortgage, deed of trust, or similar security instrument on real property, or instrument creating a vendor’s lien on real property, securing the payment of money.
(3) MORTGAGOR. An owner of an interest in mortgaged property.
(4) MORTGAGEE. The owner of the debt secured by a mortgage.
(5) MORTGAGED PROPERTY. Any real property or interest therein that is subject to a mortgage.
(6) EQUITY OF REDEMPTION. The interest the mortgagor has in the mortgaged property.
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