§ 18-50-101 - Definitions. - Arkansas Statutes

18-50-101. Definitions.

As used in this chapter:

(1) "Beneficiary" means the person named or otherwise designated in a deed of trust as the person for whose benefit a deed of trust is given or his successor in interest;

(2) "Deed of trust" means a deed conveying real property in trust to secure the performance of an obligation of the grantor or any other person named in the deed to a beneficiary and conferring upon the trustee a power of sale for breach of an obligation of the grantor contained in the deed of trust;

(3) "Grantor" means the person conveying an interest in real property by a mortgage or deed of trust as security for the performance of an obligation;

(4) "Mortgage" means the grant of an interest in real property to be held as security for the performance of an obligation by the mortgagor or other person;

(5) "Mortgage company" means any private, state, or federal entity which in the usual course of its business is either the mortgagee or beneficiary of a deed of trust or mortgage;

(6) "Mortgagee" means the person holding an interest in real property as security for the performance of an obligation or his or her attorney-in-fact appointed pursuant to this chapter;

(7) "Mortgagor" means the person granting an interest in real property as security for the performance of an obligation;

(8) "Sale" means the public auction conducted pursuant to 18-50-107 and shall be deemed concluded when the highest bid is accepted by the person conducting the sale;

(9) "Trust property" means the property encumbered by a mortgage or deed of trust; and

(10) "Trustee" means any person or legal entity to whom legal title to real property is conveyed by deed of trust or his or her successor in interest.