South Dakota Codified Laws 44-8-29. Definition of terms
Terms used in §§ 44-8-30 to 44-8-35, inclusive, mean:
(1) “Mortgage,” a mortgage or mortgage lien on an interest in real property in this state given to secure a loan;
Terms Used In South Dakota Codified Laws 44-8-29
- 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.
- Grantor: The person who establishes a trust and places property into it.
- 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.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(2) “Mortgagee,” the grantee of a mortgage or, if a mortgage has been assigned of record, the last person to whom the mortgage has been assigned of record;
(3) “Mortgage servicer,” the last person to whom a mortgagor or the mortgagor’s successor in the interest has been instructed by a mortgagee to send payments on a loan secured by a mortgage. A person transmitting a payoff statement is the mortgage servicer for the mortgage described in the payment statement;
(4) “Mortgagor,” the grantor of a mortgage;
(5) “Payoff statement,” a statement of the amount of the unpaid balance of a loan secured by a mortgage, including principal, interest, and any other charges properly due under or secured by the mortgage; and interest on a per day basis for the unpaid balance;
(6) “Record,” to record with the county register of deeds;
(7) “Title insurance company,” any corporation or other business entity authorized and licensed to transact the business of insuring titles to interests in real property in this state under chapter 58-25.
Source: SL 1997, ch 251, § 1.