§ 6.2-300. (Effective October 1, 2010) Definitions.
As used in this chapter, unless the context otherwise requires:
"Bank" means any national bank, any bank organized under Chapter 8 (§6.2-800 et seq.), or any bank incorporated and organized under the laws ofanother state.
"Credit union" means any credit union organized under Chapter 13 (§6.2-1300 et seq.) or any credit union incorporated and organized under thelaws of another state. "Credit union" shall not include any federal creditunion.
"First deed of trust" or "first mortgage" includes all deeds of trust andmortgages, and amendments thereto, that are made by the same grantor ormortgagor, secure notes held by the same holder, convey substantially thesame real estate, and are superior to all other deeds of trust or mortgageson the real estate.
"Grantor" or "mortgagor" includes an owner of real estate, and spouse,who has assumed responsibility for the obligation secured by a mortgage ordeed of trust encumbering the real estate.
"Loan" means a loan or forbearance of money.
"Open-end credit" or "open-end credit plan" means consumer creditextended by a creditor under a plan in which: (i) the creditor reasonablycontemplates repeated transactions; (ii) the creditor may impose a financecharge from time to time on an outstanding unpaid balance; and (iii) theamount of credit that may be extended to the consumer during the term of theplan, up to any limit set by the creditor, is generally made available to theextent that any outstanding balance is repaid.
"Savings institution" means any savings institution, as defined in §6.2-1100, incorporated and organized under the laws of the United States, theCommonwealth, or another state.
"Subordinate mortgage or deed of trust" means a mortgage or deed of trustthat is subject to a prior mortgage or deed of trust in existence at the timeof the making of the loan secured by such subordinate mortgage or deed oftrust.
(1987, c. 622, §§ 6.1-330.49, 6.1-330.69, 6.1-330.71; 1991, c. 157; 1996, c.243; 2010, c. 794.)
§ 6.2-300. (Effective October 1, 2010) Definitions.
As used in this chapter, unless the context otherwise requires:
"Bank" means any national bank, any bank organized under Chapter 8 (§6.2-800 et seq.), or any bank incorporated and organized under the laws ofanother state.
"Credit union" means any credit union organized under Chapter 13 (§6.2-1300 et seq.) or any credit union incorporated and organized under thelaws of another state. "Credit union" shall not include any federal creditunion.
"First deed of trust" or "first mortgage" includes all deeds of trust andmortgages, and amendments thereto, that are made by the same grantor ormortgagor, secure notes held by the same holder, convey substantially thesame real estate, and are superior to all other deeds of trust or mortgageson the real estate.
"Grantor" or "mortgagor" includes an owner of real estate, and spouse,who has assumed responsibility for the obligation secured by a mortgage ordeed of trust encumbering the real estate.
"Loan" means a loan or forbearance of money.
"Open-end credit" or "open-end credit plan" means consumer creditextended by a creditor under a plan in which: (i) the creditor reasonablycontemplates repeated transactions; (ii) the creditor may impose a financecharge from time to time on an outstanding unpaid balance; and (iii) theamount of credit that may be extended to the consumer during the term of theplan, up to any limit set by the creditor, is generally made available to theextent that any outstanding balance is repaid.
"Savings institution" means any savings institution, as defined in §6.2-1100, incorporated and organized under the laws of the United States, theCommonwealth, or another state.
"Subordinate mortgage or deed of trust" means a mortgage or deed of trustthat is subject to a prior mortgage or deed of trust in existence at the timeof the making of the loan secured by such subordinate mortgage or deed oftrust.
(1987, c. 622, §§ 6.1-330.49, 6.1-330.69, 6.1-330.71; 1991, c. 157; 1996, c.243; 2010, c. 794.)
§ 6.2-300. (Effective October 1, 2010) Definitions.
As used in this chapter, unless the context otherwise requires:
"Bank" means any national bank, any bank organized under Chapter 8 (§6.2-800 et seq.), or any bank incorporated and organized under the laws ofanother state.
"Credit union" means any credit union organized under Chapter 13 (§6.2-1300 et seq.) or any credit union incorporated and organized under thelaws of another state. "Credit union" shall not include any federal creditunion.
"First deed of trust" or "first mortgage" includes all deeds of trust andmortgages, and amendments thereto, that are made by the same grantor ormortgagor, secure notes held by the same holder, convey substantially thesame real estate, and are superior to all other deeds of trust or mortgageson the real estate.
"Grantor" or "mortgagor" includes an owner of real estate, and spouse,who has assumed responsibility for the obligation secured by a mortgage ordeed of trust encumbering the real estate.
"Loan" means a loan or forbearance of money.
"Open-end credit" or "open-end credit plan" means consumer creditextended by a creditor under a plan in which: (i) the creditor reasonablycontemplates repeated transactions; (ii) the creditor may impose a financecharge from time to time on an outstanding unpaid balance; and (iii) theamount of credit that may be extended to the consumer during the term of theplan, up to any limit set by the creditor, is generally made available to theextent that any outstanding balance is repaid.
"Savings institution" means any savings institution, as defined in §6.2-1100, incorporated and organized under the laws of the United States, theCommonwealth, or another state.
"Subordinate mortgage or deed of trust" means a mortgage or deed of trustthat is subject to a prior mortgage or deed of trust in existence at the timeof the making of the loan secured by such subordinate mortgage or deed oftrust.
(1987, c. 622, §§ 6.1-330.49, 6.1-330.69, 6.1-330.71; 1991, c. 157; 1996, c.243; 2010, c. 794.)
