Terms Used In Indiana Code > Title 32 > Article 29 > Chapter 6 - Mortgage Release by Title Insurance Companies

• Attorney: includes a counselor or other person authorized to appear and represent a party in an action or special proceeding. See Indiana Code 1-1-4-5
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• 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.
• Grantor: The person who establishes a trust and places property into it.
• in writing: include printing, lithographing, or other mode of representing words and letters. See Indiana Code 1-1-4-5
• Lien: A claim against real or personal property in satisfaction of a debt.
• mortgage: means a mortgage or mortgage lien on an interest in real property in Indiana given to secure a loan in the original principal amount of not more than one million dollars ($1,000,000). See Indiana Code 32-29-6-1
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• mortgage servicer: means the last person to whom a mortgagor or the mortgagor's successor in interest has been instructed by a mortgagee to send payments on a loan secured by a mortgage. See Indiana Code 32-29-6-3
• mortgagee: means :

  Indiana Code 32-29-6-2

• Mortgagee: The person to whom property is mortgaged and who has loaned the money.
• mortgagor: means the grantor of a mortgage. See Indiana Code 32-29-6-4
• Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
• payoff statement: means a statement of the amount of:

  Indiana Code 32-29-6-5

• person: means an individual, a corporation, or any other legal entity. See Indiana Code 32-29-6-6
• Property: includes personal and real property. See Indiana Code 1-1-4-5
• record: means to record with the county recorder. See Indiana Code 32-29-6-7
• title insurance company: means a corporation or other business entity authorized and licensed to transact the business of insuring titles to interests in real property in Indiana under IC 27. See Indiana Code 32-29-6-8
• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}