The definitions in this section apply throughout this chapter unless the context clearly requires otherwise.

     (1) "Affiliate of beneficiary" means any entity which controls, is controlled by, or is under common control with a beneficiary.

     (2) "Beneficiary" means the holder of the instrument or document evidencing the obligations secured by the deed of trust, excluding persons holding the same as security for a different obligation.

     (3) "Borrower" means a person or a general partner in a partnership, including a joint venture, that is liable for all or part of the obligations secured by the deed of trust under the instrument or other document that is the principal evidence of such obligations, or the person's successors if they are liable for those obligations under a written agreement with the beneficiary.

     (4) "Commercial loan" means a loan that is not made primarily for personal, family, or household purposes.

     (5) "Fair value" means the value of the property encumbered by a deed of trust that is sold pursuant to a trustee's sale. This value shall be determined by the court or other appropriate adjudicator by reference to the most probable price, as of the date of the trustee's sale, which would be paid in cash or other immediately available funds, after deduction of prior liens and encumbrances with interest to the date of the trustee's sale, for which the property would sell on such date after reasonable exposure in the market under conditions requisite to a fair sale, with the buyer and seller each acting prudently, knowledgeably, and for self-interest, and assuming that neither is under duress.

     (6) "Grantor" means a person, or its successors, who executes a deed of trust to encumber the person's interest in property as security for the performance of all or part of the borrower's obligations.

     (7) "Guarantor" means any person and its successors who is not a borrower and who guarantees any of the obligations secured by a deed of trust in any written agreement other than the deed of trust.

     (8) "Owner-occupied" means property that is the principal residence of the borrower.

     (9) "Person" means any natural person, or legal or governmental entity.

     (10) "Record" and "recorded" includes the appropriate registration proceedings, in the instance of registered land.

     (11) "Residential real property" means property consisting solely of a single-family residence, a residential condominium unit, or a residential cooperative unit.

     (12) "Tenant-occupied property" means property consisting solely of residential real property that is the principal residence of a tenant subject to chapter 59.18 RCW or other building with four or fewer residential units that is the principal residence of a tenant subject to chapter 59.18 RCW.     (13) "Trustee" means the person designated as the trustee in the deed of trust or appointed under RCW 61.24.010(2).

     (14) "Trustee's sale" means a nonjudicial sale under a deed of trust undertaken pursuant to this chapter.

[2009 c 292 § 1; 1998 c 295 § 1.]

NOTES:

     Reviser's note: The definitions in this section have been alphabetized pursuant to RCW 1.08.015(2)(k).