As used in this article, the following terms shall have the following meanings:

(1) LENDER. A person who holds a mortgage, lien, deed of trust, or other security interest in property. The term includes an assignee, receiver, or other transferee of the interest.
lawyer at desk

Ask an insurance law question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

Terms Used In Alabama Code 27-22-60

  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • following: means next after. See Alabama Code 1-1-1
  • 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.
  • person: includes a corporation as well as a natural person. See Alabama Code 1-1-1
  • property: includes both real and personal property. See Alabama Code 1-1-1
(2) RESIDENTIAL REAL PROPERTY. Any of the following:

a. A single-family house.
b. A duplex, triplex, or quadraplex.
c. A unit in a multi-unit residential structure in which title to an individual unit is transferred to the owner of the unit under a condominium or cooperative system.
  Previous section
Next section  
 Article 4 Contents