California Financial Code 5115 – “Real estate loan” means a loan or other obligation secured by a lien …
“Real estate loan” means a loan or other obligation secured by a lien on real estate, if:
(a) The security property is real estate as defined pursuant to § 658 of the Civil Code.
Terms Used In California Financial Code 5115
- Appraisal: A determination of property value.
- 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.
- 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.
(b) The security interest of the association may be enforced as a real estate mortgage, deed of trust, or its equivalent.
(c) The security property is capable of separate appraisal.
(d) The association relies substantially upon the real estate as primary security for the loan.
(e) With regard to security property which is a leasehold or other interest for a period of years, the term of interest extends, or is subject to extension or renewal at the option of the association, for a term of at least five years following maturity of the loan.
(Amended by Stats. 1984, Ch. 225, Sec. 4. Effective June 21, 1984.)