Section 35-10-50 – Definitions.

Section 35-10-50 Definitions. Unless the context otherwise requires, the words defined in this section shall have the following meanings in this article. (1) DEED IN LIEU OF FORECLOSURE. Any instrument, however denominated, whereby a mortgagor transfers to a mortgagee the mortgagor’s rights in mortgaged property. (2) MORTGAGE. A mortgage, deed of trust, or similar security […]

Section 35-10-51 – Effect of Deed in Lieu of Foreclosure.

Section 35-10-51 Effect of deed in lieu of foreclosure. A deed in lieu of foreclosure: (1) Transfers to the mortgagee all right, title, and interest of the mortgagor in the mortgaged property, including, but not limited to, all rights of redemption, statutory or equitable, unless expressly otherwise provided therein; (2) Does not effect a foreclosure […]