71-1-303. Definitions. As used in this part, unless the context requires otherwise, the following definitions apply:
     (1) "Beneficiary" means the person named or otherwise designated in a trust indenture as the person for whose benefit a trust indenture is given or the person's successor in interest, who may not be the trustee.
     (2) "Grantor" means the person conveying real property by a trust indenture as security for the performance of an obligation.
     (3) "Trust indenture" means an indenture executed in conformity with this part and conveying real property to a trustee in trust to secure the performance of an obligation of the grantor or other person named in the indenture to a beneficiary.
     (4) "Trustee" means a person to whom the legal title to real property is conveyed by a trust indenture or the person's successor in interest.

     History: 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.