2011 California Code
Insurance Code
DIVISION 2. CLASSES OF INSURANCE [1880 - 12865]
ARTICLE 1. Definitions
Section 12421
Unless the context indicates a different construction the following definitions and restrictions govern the interpretation of the terms specified:
(a) Note includes bond.
(b) Real estate includes real estate with the improvements thereon, including improvements in process of construction under a building loan.
(c) Building loan means a loan made for the purpose of providing funds for the construction of improvements upon real estate.
(d) Public bond includes only bonds issued pursuant to statutory authority by the officials of a county, city, town, municipality or district where each bond constitutes a lien upon specified land described therein or represents a special assessment theretofore levied which is a lien upon specified land described in the bond.
(e) Assessment includes only special assessments levied pursuant to charter or statutory authority by a county, city, municipality or district.
(f) Security means a note evidencing a debt secured by a mortgage constituting a lien or charge on real estate.
(Enacted by Stats. 1935, Ch. 145.)
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