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6 Cards in this Set
- Front
- Back
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NC is a lien theory or title theory state?
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Title theory
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Process of title theory
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Borrower (trustor, grantor) keeps equitable title but gives legal title to trustee, who holds it for the lender (beneficiary).
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In title theory state, how can the lender recover after non-payment?
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The lender asks the trustee to initiate a power of sale foreclosure
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Promissory note
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Written promise or agreement to repay debt in definite installments with interest
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Mortgage
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Document that pledges collateral for loan
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Hypothecation
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Act of pledging real property as security for payment of loan
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