33-801

33-801. Definitions

In this chapter, unless the context otherwise requires:

1. "Beneficiary" means the person named or otherwise designated in a trust deed as
the person for whose benefit a trust deed is given, or the person's successor in
interest.

2. "Business day" means any day other than a saturday or a legal holiday.

3. "Cash" means United States currency.

4. "Contract" means a promise or a set of promises for the breach of which the law
gives a remedy, or the performance of which the law in some way recognizes as a duty,
including but not limited to a note, A promissory note or provisions of any trust deed.

5. "Credit bid" means a bid made by the beneficiary in full or partial satisfaction
of the contract or contracts which are secured by the trust deed. Such credit bid may
only include an amount up to the full amount of the contract or contracts secured by the
trust deed, less any amount owing on liens or encumbrances with interest which are
superior in priority to the trust deed and which the beneficiary is obligated to pay
under the contract or contracts or under the trust deed, together with the amount of
other obligations provided in or secured by the trust deed and the costs and expenses of
exercising the power of sale and the sale, including the trustee's fees and reasonable
attorney fees actually incurred.

6. "Force majeure" means an act of God or of nature, a superior or overpowering
force or an event or effect that cannot reasonably be anticipated or controlled and that
prevents access to the sale location for conduct of a sale.

7. "Parent corporation" means a corporation which owns eighty per cent or more of
every class of the issued and outstanding stock of another corporation or, in the case of
a savings and loan association, eighty per cent or more of its issued and outstanding
guaranty capital.

8. "Trust deed" or "deed of trust" means a deed executed in conformity with this
chapter and conveying trust property to a trustee or trustees qualified under section
33-803 to secure the performance of a contract or contracts, other than a trust deed
which encumbers in whole or in part trust property located in Arizona and in one or more
other states.

9. "Trust property" means any legal, equitable, leasehold or other interest in real
property which is capable of being transferred, whether or not it is subject to any prior
mortgages, trust deeds, contracts for conveyance of real property or other liens or
encumbrances.

10. "Trustee" means an individual, association or corporation qualified pursuant to
section 33-803, or the successor in interest thereto, to whom trust property is conveyed
by trust deed. The trustee's obligations to the trustor, beneficiary and other persons
are as specified in this chapter, together with any other obligations specified in the
trust deed.

11. "Trustor" means the person conveying trust property by a trust deed as security
for the performance of a contract or contracts, or the successor in interest of such
person.