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Terms Used In Idaho Code 45-1204

  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Servicer: means a person or entity that collects loan payments on behalf of a beneficiary. See Idaho Code 45-1201
  • Title agent: means a title insurance agent duly licensed as an organization under chapter 27, title 41, Idaho Code. See Idaho Code 45-1201
  • Title insurer: means a title insurer duly authorized to conduct business in the state of Idaho under title 41, Idaho Code. See Idaho Code 45-1201
  • Trust deed: means a trust deed as defined in section 45-1502, Idaho Code. See Idaho Code 45-1201
The title insurer or title agent shall not record a reconveyance of a trust deed if, prior to the expiration of the sixty (60) day period specified in section 45-1203(2), Idaho Code, the title insurer or title agent receives a notice on behalf of the beneficiary or servicer stating that the trust deed continues to secure an obligation or otherwise objecting to reconveyance of the trust deed.