Maryland Code, COMMERCIAL LAW 12-1301
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Terms Used In Maryland Code, COMMERCIAL LAW 12-1301
- 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.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- Person: includes an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, corporation, partnership, business trust, statutory trust, limited liability company, firm, association, or other nongovernmental entity. See
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(a) In this subtitle the following words have the meanings indicated.
(b) “Borrower” has the meaning stated in § 11-501 of the Financial Institutions Article.
(c) “Home buyer education or housing counseling” means instruction on preparing for home ownership, shopping for a home, obtaining a mortgage, loan closing, and life as a homeowner.
(d) “Lender” means a person that makes a mortgage loan.
(e) “Mortgage loan” has the meaning stated in § 11-501 of the Financial Institutions Article.
(f) “Secondary mortgage loan” means a mortgage loan secured by residential real property that is subject to the lien of one or more prior mortgage loans.