California Civil Code 2920 – (a) A mortgage is a contract by which specific property, …
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(a) A mortgage is a contract by which specific property, including an estate for years in real property, is hypothecated for the performance of an act, without the necessity of a change of possession.
(b) For purposes of Sections 2924 to 2924h, inclusive, “mortgage” also means any security device or instrument, other than a deed of trust, that confers a power of sale affecting real property or an estate for years therein, to be exercised after breach of the obligation so secured, including a real property sales contract, as defined in Section 2985, which contains such a provision.
Terms Used In California Civil Code 2920
- Contract: A legal written agreement that becomes binding when signed.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- property: includes property real and personal. See California Civil Code 14
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(Amended by Stats. 1989, Ch. 698, Sec. 4.)