§ 45-36.4. Definitions. - North Carolina Statutes

§ 45‑36.4.  Definitions.

As used in this Article, thefollowing terms mean:

(1)        Address for giving anotification. – For the purpose of a particular type of notification, the mostrecent address provided in a document by the intended recipient of the notificationto the person giving the notification, unless the person giving thenotification knows of a more accurate address, in which case the term meansthat address.

(2)        Day. – Calendar day.

(3)        Document. –Information that is inscribed on a tangible medium or that is stored in anelectronic or other medium and is retrievable in perceivable form.

(4)        Electronic. –Relating to technology having electrical, digital, magnetic, wireless, optical,electromagnetic, or similar capabilities.

(5)        Entitled person. – Aperson liable for payment or performance of the obligation secured by the realproperty described in a security instrument, or the landowner.

(6)        Good faith. –Honesty in fact and the observance of reasonable commercial standards of fairdealing.

(7)        Landowner. – Aperson that, before foreclosure, has the right of redemption in the realproperty described in a security instrument. The term does not include a personthat holds only a lien on the real property.

(8)        Notification. – Adocument containing information required under this Article and signed by theperson required to provide the information.

(9)        Original parties. –With respect to a security instrument, each person named as a party to thesecurity instrument on the face thereof as originally recorded. In identifyingthe original parties to a deed of trust for purposes of this Article, it is notnecessary to include the original trustee or trustees named therein.

(10)      Payoff amount. – Thesum necessary to satisfy a secured obligation.

(11)      Payoff statement. – Adocument containing the information specified in G.S. 45‑36.7(d).

(12)      Person. – Anindividual, corporation, business trust, estate, trust, partnership, limitedliability company, association, joint venture, public corporation, government,or governmental subdivision, agency, or instrumentality, or any other legal orcommercial entity.

(13)      Recording data. – Thebook and page number or document number that indicates where a document isrecorded in the office of the register of deeds.

(14)      Register of deeds. –Includes the register of deeds, assistant register of deeds, or deputy registerof deeds.

(15)      Satisfy. – Withrespect to a security instrument, to terminate the effectiveness of thesecurity instrument.

(16)      Secured creditor. – Aperson that holds or is the beneficiary of a security interest or that isauthorized both to receive payments on behalf of a person that holds a securityinterest and to record a satisfaction of the security instrument upon receivingfull performance of the secured obligation. The term does not include a trusteeunder a security instrument.

(17)      Secured obligation. –An obligation the payment or performance of which is secured by a securityinterest.

(18)      Security instrument.– An agreement, however denominated, that creates or provides for an interestin real property to secure payment or performance of an obligation, whether ornot it also creates or provides for a lien on personal property. The termincludes a deed of trust and a mortgage.

(19)      Security interest. –An interest in real property created by a security instrument.

(20)      Sign. – With presentintent to authenticate or adopt a document:

a.         To execute or adopta tangible symbol; or

b.         To attach to orlogically associate with the document an electronic sound, symbol, or process.

(21)      State. – A state ofthe United States, the District of Columbia, Puerto Rico, the United StatesVirgin Islands, or any territory or insular possession subject to thejurisdiction of the United States.

(22)      Submit for recording.– To deliver, with required fees and taxes, a document sufficient to berecorded under this Article to the register of deeds in the county in which thereal property described in the related security instrument is located. (2005‑123, s. 1.)