Texas Property Code - Section 51.0001. Definitions
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Texas Laws > Property Code > Texas Property Code - Section 51.0001. Definitions
§ 51.0001. DEFINITIONS. In this chapter:
(1) "Book entry system" means a national book entry
system for registering a beneficial interest in a security
instrument that acts as a nominee for the grantee, beneficiary,
owner, or holder of the security instrument and its successors and
assigns.
(2) "Debtor's last known address" means:
(A) for a debt secured by the debtor's residence,
the debtor's residence address unless the debtor provided the
mortgage servicer a written change of address before the date the
mortgage servicer mailed a notice required by Section 51.002; or
(B) for a debt other than a debt described by
Paragraph (A), the debtor's last known address as shown by the
records of the mortgage servicer of the security instrument unless
the debtor provided the current mortgage servicer a written change
of address before the date the mortgage servicer mailed a notice
required by Section 51.002.
(3) "Mortgage servicer" means the last person to whom
a mortgagor has been instructed by the current mortgagee to send
payments for the debt secured by a security instrument. A mortgagee
may be the mortgage servicer.
(4) "Mortgagee" means:
(A) the grantee, beneficiary, owner, or holder of
a security instrument;
(B) a book entry system; or
(C) if the security interest has been assigned of
record, the last person to whom the security interest has been
assigned of record.
(5) "Mortgagor" means the grantor of a security
instrument.
(6) "Security instrument" means a deed of trust,
mortgage, or other contract lien on an interest in real property.
(7) "Substitute trustee" means a person appointed by
the current mortgagee or mortgage servicer under the terms of the
security instrument to exercise the power of sale.
(8) "Trustee" means a person authorized to exercise
the power of sale under the terms of a security instrument.
Added by Acts 2003, 78th Leg., ch. 554, § 1, eff. Jan. 1, 2004.
Section: 42.004 42.005 43.001 43.002 44.001 44.002 44.003 51.0001 51.001 51.002 51.0021 51.0025 51.003 51.004 51.005
Last modified: August 11, 2007
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