California Civil Code 2953.1 – As used in this section:(a) “Real property security instrument” …
As used in this section:
(a) “Real property security instrument” shall include any mortgage or trust deed or land contract in or on real property.
Terms Used In California Civil Code 2953.1
- 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.
- 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.
- 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.
- will: includes codicil. See California Civil Code 14
(b) “Subordination clause” shall mean a clause in a real property security instrument whereby the holder of the security interest under such instrument agrees that upon the occurrence of conditions or circumstances specified therein his security interest will become subordinate to or he will execute an agreement subordinating his interest to the lien of another real property security instrument which would otherwise be of lower priority than his lien or security interest.
(c) “Subordination agreement” shall mean a separate agreement or instrument whereby the holder of the security interest under a real property security instrument agrees that (1) his existing security interest is subordinate to, or (2) upon the occurrence of conditions or circumstances specified in such separate agreement his security interest will become subordinate to, or (3) he will execute an agreement subordinating his interest to, the lien of another real property security instrument which would otherwise be of lower priority than his lien or security interest.
(Added by Stats. 1963, Ch. 1861.)