Section 443.921

Title XXIX OWNERSHIP AND CONVEYANCE OF PROPERTY

Chapter 443

Effective - 28 Aug 2026, see footnote   

  443.921.  Definitions. — For purposes of sections 443.920 to 443.925, the following terms mean:

  (1)  "Electronic", relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities;

  (2)  "Financial covenant", an undertaking to demonstrate an obligor's creditworthiness, or the adequacy of security provided by an obligor;

  (3)  "Modification", includes any change, amendment, revision, correction, addition, supplementation, elimination, waiver, and restatement;

  (4)  "Mortgage":

  (a)  An agreement that creates a consensual interest in real property to secure payment or performance of an obligation, regardless of:

  a.  How the agreement is denominated, including a mortgage, deed of trust, trust deed, security deed, indenture, and deed to secure debt; and

  b.  Whether the agreement also creates a security interest in personal property; and

  (b)  Does not include an agreement that creates a consensual interest to secure a liability owed by a unit owner to a condominium association, owners' association, or cooperative housing association for association dues, fees, or assessments;

  (5)  "Mortgage modification", modification of:

  (a)  A mortgage;

  (b)  An agreement that creates an obligation, including a promissory note, loan agreement, or credit agreement; or

  (c)  An agreement that creates other security or credit enhancement for an obligation, including an assignment of leases or rents or a guaranty;

  (6)  "Obligation", a debt, duty, or other liability, secured by a mortgage;

  (7)  "Obligor", a person that:

  (a)  Owes payment or performance of an obligation;

  (b)  Signs a mortgage; or

  (c)  Is otherwise accountable, or whose property serves as collateral, for payment or performance of an obligation;

  (8)  "Person", an individual, estate, business or nonprofit entity, government or governmental subdivision, agency, or instrumentality, or other legal entity;

  (9)  "Recognized index", an index to which changes in the interest rate may be linked that is:

  (a)  Readily available to, and verifiable by, the obligor; and

  (b)  Beyond the control of the person to whom the obligation is owed;

  (10)  "Record", used as a noun, means information:

  (a)  Inscribed on a tangible medium; or

  (b)  Stored in an electronic or other medium and retrievable in perceivable form;

  (11)  "Sign", with present intent to authenticate or adopt a record:

  (a)  Execute or adopt a tangible symbol; or

  (b)  Attach to or logically associate with the record an electronic symbol, sound, or process.

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(L. 2026 H.B. 2636 merged with S.B. 834)

Severability clause, see §§ 1.1004 and 443.927