TITLE 45

LIENS, MORTGAGES AND PLEDGES

CHAPTER 12

RECONVEYANCE

45-1201.  Definitions. As used in this chapter:

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

(2)  "Reconveyance" or "reconvey" means a reconveyance of a trust deed.

(3)  "Satisfactory evidence" of the full payment of an obligation secured by a trust deed means a payoff letter, the original cancelled check or a copy, including a voucher copy, of a check, payable to the beneficiary or a servicer, and reasonable documentary evidence that the check was intended to effect full payment under the trust deed or an encumbrance upon the property covered by the trust deed.

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

(5)  "Title agent" means a title insurance agent duly licensed as an organization under chapter 27, title 41, Idaho Code.

(6)  "Title insurer" means a title insurer duly authorized to conduct business in the state of Idaho under title 41, Idaho Code.

(7)  "Trust deed" means a trust deed as defined in section 45-1502, Idaho Code.

History:

[45-1201, added 1995, ch. 326, sec. 1, p. 1092.]