Texas Business and Commerce Code 103.001 – Definitions
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Terms Used In Texas Business and Commerce Code 103.001
- Deed: The legal instrument used to transfer title in real property from one person to another.
- 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 corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
In this chapter:
(1) “Lender” means a person who lends money for or invests money in mortgage loans.
(2) “Mortgage loan” means a loan secured by a deed of trust, security deed, or other lien on real property.