§ 18-50-101 - Definitions. - Arkansas Statutes

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Statutes > Arkansas > Title-18 > Subtitle-4 > Chapter-50 > 18-50-101

18-50-101. Definitions.

As used in this chapter:

(1) "Beneficiary" means the person named or otherwise designated in a deed of trust as the person for whose benefit a deed of trust is given or his successor in interest;

(2) "Deed of trust" means a deed conveying real property in trust to secure the performance of an obligation of the grantor or any other person named in the deed to a beneficiary and conferring upon the trustee a power of sale for breach of an obligation of the grantor contained in the deed of trust;

(3) "Grantor" means the person conveying an interest in real property by a mortgage or deed of trust as security for the performance of an obligation;

(4) "Mortgage" means the grant of an interest in real property to be held as security for the performance of an obligation by the mortgagor or other person;

(5) "Mortgage company" means any private, state, or federal entity which in the usual course of its business is either the mortgagee or beneficiary of a deed of trust or mortgage;

(6) "Mortgagee" means the person holding an interest in real property as security for the performance of an obligation or his or her attorney-in-fact appointed pursuant to this chapter;

(7) "Mortgagor" means the person granting an interest in real property as security for the performance of an obligation;

(8) "Sale" means the public auction conducted pursuant to 18-50-107 and shall be deemed concluded when the highest bid is accepted by the person conducting the sale;

(9) "Trust property" means the property encumbered by a mortgage or deed of trust; and

(10) "Trustee" means any person or legal entity to whom legal title to real property is conveyed by deed of trust or his or her successor in interest.

State Codes and Statutes

Statutes > Arkansas > Title-18 > Subtitle-4 > Chapter-50 > 18-50-101

18-50-101. Definitions.

As used in this chapter:

(1) "Beneficiary" means the person named or otherwise designated in a deed of trust as the person for whose benefit a deed of trust is given or his successor in interest;

(2) "Deed of trust" means a deed conveying real property in trust to secure the performance of an obligation of the grantor or any other person named in the deed to a beneficiary and conferring upon the trustee a power of sale for breach of an obligation of the grantor contained in the deed of trust;

(3) "Grantor" means the person conveying an interest in real property by a mortgage or deed of trust as security for the performance of an obligation;

(4) "Mortgage" means the grant of an interest in real property to be held as security for the performance of an obligation by the mortgagor or other person;

(5) "Mortgage company" means any private, state, or federal entity which in the usual course of its business is either the mortgagee or beneficiary of a deed of trust or mortgage;

(6) "Mortgagee" means the person holding an interest in real property as security for the performance of an obligation or his or her attorney-in-fact appointed pursuant to this chapter;

(7) "Mortgagor" means the person granting an interest in real property as security for the performance of an obligation;

(8) "Sale" means the public auction conducted pursuant to 18-50-107 and shall be deemed concluded when the highest bid is accepted by the person conducting the sale;

(9) "Trust property" means the property encumbered by a mortgage or deed of trust; and

(10) "Trustee" means any person or legal entity to whom legal title to real property is conveyed by deed of trust or his or her successor in interest.

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State Codes and Statutes

Statutes > Arkansas > Title-18 > Subtitle-4 > Chapter-50 > 18-50-101

18-50-101. Definitions.

As used in this chapter:

(1) "Beneficiary" means the person named or otherwise designated in a deed of trust as the person for whose benefit a deed of trust is given or his successor in interest;

(2) "Deed of trust" means a deed conveying real property in trust to secure the performance of an obligation of the grantor or any other person named in the deed to a beneficiary and conferring upon the trustee a power of sale for breach of an obligation of the grantor contained in the deed of trust;

(3) "Grantor" means the person conveying an interest in real property by a mortgage or deed of trust as security for the performance of an obligation;

(4) "Mortgage" means the grant of an interest in real property to be held as security for the performance of an obligation by the mortgagor or other person;

(5) "Mortgage company" means any private, state, or federal entity which in the usual course of its business is either the mortgagee or beneficiary of a deed of trust or mortgage;

(6) "Mortgagee" means the person holding an interest in real property as security for the performance of an obligation or his or her attorney-in-fact appointed pursuant to this chapter;

(7) "Mortgagor" means the person granting an interest in real property as security for the performance of an obligation;

(8) "Sale" means the public auction conducted pursuant to 18-50-107 and shall be deemed concluded when the highest bid is accepted by the person conducting the sale;

(9) "Trust property" means the property encumbered by a mortgage or deed of trust; and

(10) "Trustee" means any person or legal entity to whom legal title to real property is conveyed by deed of trust or his or her successor in interest.