Rule 14-202. Definitions.

In the Rules in this Chapter, the following definitions apply except as expressly otherwise provided or as necessary implication requires: 

(a) Assent to a decree.- "Assent to a decree" means a provision in a lien instrument assenting, in the event of a specified default, to the entry of an order for the sale of the property subject to the lien. 

(b) Borrower.- "Borrower" means: 

(1) a mortgagor; 

(2) a grantor of a deed of trust; 

(3) any person liable for the debt secured by the lien; 

(4) a maker of a note secured by an indemnity deed of trust; 

(5) a purchaser under a land installment contract; 

(6) a person whose property is subject to a lien under Code, Real Property Article, Title 14, Subtitle 2 (Maryland Contract Lien Act); and 

(7) a leasehold tenant under a ground lease, as defined in Code, Real Property Article, § 8-402.3 (a)(6). 

(c) Debt.- "Debt" means a monetary obligation secured by a lien. 

(d) Lien.- "Lien" means a statutory lien or a lien upon property created or authorized to be created by a lien instrument. 

(e) Lien instrument.- "Lien instrument" means any instrument creating or authorizing the creation of a lien on property, including: 

(1) a mortgage; 

(2) a deed of trust; 

(3) a land installment contract, as defined in Code, Real Property Article § 10-101(b); 

(4) a contract creating a lien pursuant to Code, Real Property Article, Title 14, Subtitle 2; 

(5) a deed or other instrument reserving a vendor's lien; or 

(6) an instrument creating or authorizing the creation of a lien in favor of a homeowners' association, a condominium council of unit owners, a property owners' association, or a community association.  

(f) Power of sale.- "Power of sale" means a provision in a lien instrument authorizing, in the event of a specified default, a sale of the property subject to the lien. 

(g) Property.- "Property" means real and personal property of any kind located in this State, including a condominium unit and a time share unit. 

(h) Record owner.- "Record owner" of property means a person who as of 30 days before the date of providing a required notice holds record title to the property or is the record holder of the rights of a purchaser under a land installment contract. 

(i) Residential property.- "Residential property" means real property with four or fewer single family dwelling units that are designed principally and are intended for human habitation. It includes an individual residential condominium unit within a larger structure or complex, regardless of the total number of individual units in that structure or complex.  "Residential property" does not include a time share unit. 
 

Cross References.

    See Code, Real Property Article, § 7-105.1(a). 

(j) Sale.- "Sale" means a foreclosure sale. 

(k) Secured party.- "Secured party" means any person who has an interest in property secured by a lien or any assignee or successor in interest to that person.  The term includes:  

(1) a mortgagee; 

(2) the holder of a note secured by a deed of trust or indemnity deed of trust; 

(3) a vendor under a land installment contract or holding a vendor's lien; 

(4) a person holding a lien under Code, Real Property Article, Title 14, Subtitle 2; 

(5) a condominium council of unit owners; 

(6) a homeowners' association; 

(7) a property owners' or community association; and  

(8) a ground lease holder, as defined in Code, Real Property Article, § 8-402.3 (a)(3).  
 

The term does not include a secured party under Code, Commercial Law Article, § 9-102 (a)(3). 

(l) Statutory lien.- "Statutory lien" means a lien on property created by a statute providing for foreclosure in the manner specified for the foreclosure of mortgages, including a lien created pursuant to Code, Real Property Article, § 8-402.3(d). 

[Added Feb. 10, 2009, effective May 1, 2009; amended June 16, 2009, effective June 17, 2009.]