§ 57-1-39. Definitions.

     As used in Sections 57-1-40 and 57-1-44:

(1) "Beneficiary" means the record owner of the beneficiary's interest under a trust deed, including successors in interest.

(2) "Deliver" or "delivered" means by:

(a) overnight delivery by a reputable carrier;

(b) United States certified mail or express mail;

(c) hand delivery with receipt acknowledged in writing; or

(d) facsimile or electronic mail belonging to the beneficiary, mortgagee, or servicer.

(3) "Mortgage" is as described in Section 57-1-14.

(4) "Mortgagee" means the record owner of the mortgagee's interest under a mortgage, including a successor in interest.

(5) "Satisfactory evidence of the full payment of the obligation secured by a trust deed or mortgage" means written information adequate, in the opinion of a title insurer or title agent, to establish that the obligation secured by the trust deed or mortgage has been paid in full.

(6) "Servicer" means a person or entity that collects loan payments on behalf of a beneficiary or mortgagee.

(7) "Title agent" means a title insurance producer licensed as an organization under Title 31A, Chapter 23a, Part 2, Producers and Consultants.

(8) "Title insurer" means a title insurer authorized to conduct business in the state under Title 31A, Chapter 23a, Part 2, Producers and Consultants.

(9) "Trust deed" is as defined in Subsection 57-1-19(3).

Amended by Chapter 250, 2006 General Session