As used in this chapter:

Terms Used In Idaho Code 45-1201

  • Beneficiary: means both the record owner of the beneficiary’s interest under a trust deed, including successors in interest. See Idaho Code 45-1201
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • 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.
  • person: includes a corporation as well as a natural person;
Idaho Code 73-114
  • Property: includes both real and personal property. See Idaho Code 73-114
  • Servicer: means a person or entity that collects loan payments on behalf of a beneficiary. See Idaho Code 45-1201
  • State: when applied to the different parts of the United States, includes the District of Columbia and the territories; and the words "United States" may include the District of Columbia and territories. See Idaho Code 73-114
  • Title insurer: means a title insurer duly authorized to conduct business in the state of Idaho under title 41, Idaho Code. See Idaho Code 45-1201
  • Trust deed: means a trust deed as defined in section 45-1502, Idaho Code. See Idaho Code 45-1201
  • (1)  "Beneficiary" means both the record owner of the beneficiary’s interest under a trust deed, including successors in interest.
    (2)  "Reconveyance" or "reconvey" means a reconveyance of a trust deed.
    (3)  "Satisfactory evidence" of the full payment of an obligation secured by a trust deed means a payoff letter, the original cancelled check or a copy, including a voucher copy, of a check, payable to the beneficiary or a servicer, and reasonable documentary evidence that the check was intended to effect full payment under the trust deed or an encumbrance upon the property covered by the trust deed.
    (4)  "Servicer" means a person or entity that collects loan payments on behalf of a beneficiary.
    (5)  "Title agent" means a title insurance agent duly licensed as an organization under chapter 27, title 41, Idaho Code.
    (6)  "Title insurer" means a title insurer duly authorized to conduct business in the state of Idaho under title 41, Idaho Code.
    (7)  "Trust deed" means a trust deed as defined in section 45-1502, Idaho Code.