71-1-303. Definitions.
71-1-303. Definitions. As used in this part, unless the context requires otherwise, the following definitions apply:
(1) "Beneficiary" means the person named or otherwise designated in a trust indenture as the person for whose benefit a trust indenture is given or the person's successor in interest, who may not be the trustee.
(2) "Grantor" means the person conveying real property by a trust indenture as security for the performance of an obligation.
(3) "Servicer" means a person who collects loan payments on behalf of a beneficiary.
(4) (a) "Title insurance producer" means a person who holds a valid title insurance producer's license and is authorized in writing by a title insurer to:
(i) solicit title insurance business;
(ii) collect rates;
(iii) determine insurability in accordance with underwriting rules and standards of the insurer; or
(iv) issue policies of the title insurer.
(b) Title insurance producer does not include an approved attorney.
(5) "Title insurer" means an insurer formed and authorized under the laws of this state to transact the business of title insurance in this state or a foreign or alien insurer authorized to transact title insurance in this state.
(6) "Trust indenture" means an indenture executed in conformity with this part and conveying real property to a trustee in trust to secure the performance of an obligation of the grantor or other person named in the indenture to a beneficiary.
(7) "Trustee" means a person to whom the legal title to real property is conveyed by a trust indenture or the person's successor in interest.
History: En. Sec. 3, Ch. 177, L. 1963; amd. Sec. 2, Ch. 337, L. 1974; R.C.M. 1947, 52-403(part); amd. Sec. 2, Ch. 114, L. 1989; amd. Sec. 3, Ch. 30, L. 2001; amd. Sec. 1, Ch. 413, L. 2005.