Texas Insurance Code 557.001 – Definitions
Current as of: 2024 | Check for updates
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Terms Used In Texas Insurance Code 557.001
- 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
- Property: means real and personal property. See Texas Government Code 311.005
In this subchapter:
(1) “Lender” means a person holding a mortgage, lien, deed of trust, or other security interest in property.
(2) “Residential real property” means:
(A) a single-family house;
(B) a duplex, triplex, or quadraplex; or
(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.