35-03-01.1. Definitions

35-03-01.1. Definitions

1. A mortgage is a contract by which specific real property capable of being transferred is

hypothecated for the performance of an act without requiring a change in possession,

and includes a transfer of an interest in real property, other than a trust, made only to

secure the performance of an act.

2. A power of sale under a mortgage of real property is a trust and can be executed only

in the manner prescribed by the laws of this state governing the foreclosure of

mortgages. Such a power may be conferred by a mortgage upon the mortgagee, or

any other person, to be exercised after a breach of the obligation for which the

mortgage is a security.