§3764 — Title 12 Banks and Banking | U.S. Code

Summary

Requires the foreclosure commissioner to put in the deed, or attach as an affidavit or addendum, a statement listing six things: the sale’s date, time, and place; that the mortgage was held by the Secretary, its date and where it was recorded (including liber and folio or similar reference); how the notice of default and sale was served under sections 3758 and 3760; when and where that notice was filed; that the foreclosure followed the chapter and the notice; and the sale amount. Those items count as strong proof in federal or state court and give final protection to good-faith buyers and lenders who paid without notice. The county recorder must accept the deed, affidavit, and related papers for recording when the usual fees are paid, even if other local filing rules aren’t met.

Title 12, §3764

Banks and Banking — Source: USLM XML via OLRC

(a)To establish a sufficient record of foreclosure and sale, the foreclosure commissioner shall include in the recitals of the deed to the purchaser, or prepare as an affidavit or addendum to the deed, a statement setting forth—

(1)the date, time, and place of the foreclosure sale;

(2)that the mortgage was held by the Secretary, the date of the mortgage, the office in which the mortgage was recorded, and the liber number and folio or other appropriate description of the recordation of the mortgage;

(3)the particulars of the foreclosure commissioner’s service of the notice of default and foreclosure sale in accordance with section 3758 and 3760 of this title;

(4)the date and place of filing the notice of default and foreclosure sale;

(5)that the foreclosure was conducted in accordance with the provisions of this chapter and with the terms of the notice of default and foreclosure sale; and

(6)the sale amount.

(b)The items set forth in subsection (a) shall—

(1)be prima facie evidence of the truth of such facts in any Federal or State court; and

(2)evidence a conclusive presumption in favor of bona fide purchasers and encumbrancers for value without notice.

(c)The deed executed by the foreclosure commissioner, the foreclosure commissioner’s affidavit (if prepared) and any other instruments submitted for recordation in relation to the foreclosure of the security property under this chapter shall be accepted for recordation by the registrar of deeds or other appropriate official of the county or counties in which the security property is located upon tendering of payment of the usual recording fees for such instruments, and without regard to the compliance of those instruments with any other local filing requirements.

Editorial Notes

Codification Section is based on section 815 of title VIII of S. 2281, One Hundred Third Congress, as reported July 13, 1994, which was enacted into law by Pub. L. 103–327.

§3764 Record of foreclosure and sale

Summary

Title 12, §3764

Notes & Related Subsidiaries

Editorial Notes

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