As used in this part, unless the context requires otherwise, the followingdefinitions apply:(1) "Beneficiary" means the person named or otherwise designated in a trust indenture as the personfor whose benefit a trust indenture is given or the person's successor in interest, who may not be thetrustee.(2) "Grantor" means the person conveying real property by a trust indenture as security for theperformance of an obligation.(3) "Trust indenture" means an indenture executed in conformity with this part and conveying realproperty to a trustee in trust to secure the performance of an obligation of the grantor or other personnamed in the indenture to a beneficiary.(4) "Trustee" means a person to whom the legal title to real property is conveyed by a trust indentureor the person's successor in interest.
En. Sec. 3, Ch. 177, L. 1963; amd. Sec. 2, Ch. 337, L. 1974; R.C.M. 1947, 52-403(part); amd. Sec. 2, Ch. 114,L. 1989; amd. Sec. 3, Ch. 30, L. 2001.
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