44-8-29. Definition of terms.Terms used in §§44-8-30 to 44-8-35, inclusive, mean:(1)'Mortgage,' a mortgage or mortgage lien on an interest in real property in this state given to secure a loan;(2)'Mortgagee,' the grantee of a mortgage or, if a mortgage has been assigned of record, the last person to whom the mortgage has been assigned of record;(3)'Mortgage servicer,' the last person to whom a mortgagor or the mortgagor's successor in the interest has been instructed by a mortgagee to send payments on a loan secured by a mortgage. A person transmitting a payoff statement is the mortgage servicer for the mortgage described in the payment statement;(4)'Mortgagor,' the grantor of a mortgage;(5)'Payoff statement,' a statement of the amount of the unpaid balance of a loan secured by a mortgage, including principal, interest, and any other charges properly due under or secured by the mortgage; and interest on a per day basis for the unpaid balance;(6)'Record,' to record with the county register of deeds;(7)'Title insurance company,' any corporation or other business entity authorized and licensed to transact the business of insuring titles to interests in real property in this state egister of deeds;(7)'Title insurance company,' any corporation or other business entity authorized and licensed to transact the business of insuring titles to interests in real property in this state under chapter 58-25. Source: SL 1997, ch 251, §1.
South Dakota Legal Code