California Health and Safety Code § 25548.1

As used in this chapter, the following terms have the following meaning: (a) “Actual benefit” means the amount, if any, realized by the lender upon the disposition of property acquired through foreclosure or its equivalent as a direct result of a removal or remedial action undertaken by another person, not to exceed the amount, if any, by which the disposition proceeds exceed the sum of the balance of all of the following: (1) The loan or obligation or the amount of the lien, evidenced by the loan or obligation outstanding at foreclosure or its equivalent. (2) The costs, including attorneys’ fees, incurred by the lender in connection with the foreclosure or its equivalent, subsequent ownership, any removal or remedial action, and disposition of the property. (b) “Borrower, debtor or obligor” means a person who is obligated to a lender under a loan or obligation, whether or not the lender maintains a security interest in that person’s property. (c) “Damages” includes compensatory damages, exemplary damages, punitive damages, and costs of every kind and nature, including, but not limited to, costs of a removal or remedial action. (d) “Fiduciary” means a person who is acting in any of the following capacities: (1) As trustee for a trust described in paragraph (1) or (2) of subdivision (a) of Section 82 of the Probate Code. (2) As a fiduciary in any arrangement described in paragraphs (1) to (3), inclusive, or paragraphs (5) to (14), inclusive, of subdivision (b) of Section 82 of the Probate Code. (3) A trustee appointed in proceedings under any state or federal bankruptcy law. (4) An assignee or a trustee acting under an assignment made for the benefit of creditors. (5) A court-appointed receiver. (e) “Finance lease” means a transaction with respect to which both of the following apply: (1) The lessor does not select or manufacture the goods or does not supply the goods, except in the case of a re-lease, whether it is created by a new transaction or substitution of the lessee. (2) The lessor acquires the goods or right to possession and use of the goods in connection with the lease or a prior lease transaction. (f) “Foreclosure or its equivalent” means the acquisition of property by a lender through any of the following: (1) Judicial or nonjudicial foreclosure of the lender’s security interest in the property or acceptance of a deed or other conveyance in satisfaction thereto. (2) Acceptance of a deed in lieu or other conveyance in satisfaction of a loan or obligation previously contracted. (3) Termination of a finance lease by consent or default. (4) Any other formal or informal manner, whether pursuant to law or under warranties, covenants, conditions, representations or promises from the borrower, by which the lender acquires, for subsequent disposition, actual possession of the property subject to a security interest. (g) “Hazardous material” has the same meaning as defined in subdivision (d) of Section 25260. (h) (1) “Indicia of ownership” means evidence of a security interest, evidence of an interest in a security interest, or evidence of an interest in real or personal property securing a loan or other obligation, including, but not limited to, any legal or equitable title to real or personal property acquired incident to foreclosure or its equivalent. (2) “Evidence of an interest” includes, but is not limited to, all of the following: (A) Mortgages. (B) Deeds of trust. (C) Liens. (D) Surety bonds and guarantees of obligations. (E) Title held pursuant to a finance lease in which the lessor does not select initially the leased property. (F) Legal or equitable title obtained pursuant to foreclosure or its equivalent. (G) Assignments, pledges, or other rights to, or other forms of, encumbrance against property that are held primarily to protect a security interest. (3) A person is not required to hold title or a security interest to maintain indicia of ownership. (i) “Lender” mean

‹ Prev All California sections Next ›

Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.