Alabama Code 35-10-71. Initiation of foreclosure proceedings against surviving spouse or estate of certain mortgagors
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Terms Used In Alabama Code 35-10-71
- circuit: means judicial circuit. See Alabama Code 1-1-1
- following: means next after. See Alabama Code 1-1-1
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- 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 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
- state: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Alabama Code 1-1-1