PRIA, Government Policy, Made Personal

Summary

Defines key words used in the subchapter. Mortgage — a first mortgage on real estate, either on fully owned land (fee simple) or on a leasehold that is either renewable for at least 99 years or has at least 50 years left when the mortgage is made; it also includes the usual first liens used to secure loans or unpaid purchase prices under state law and any credit papers they secure. Mortgagee — the original lender and successors or assigns approved by the Secretary. Mortgagor — the original borrower and their successors or assigns. Maturity date — the date the mortgage would be fully paid if payments were made as scheduled. State — the several States, Puerto Rico, the District of Columbia, Guam, and the Virgin Islands.

Title 12, §1736

Banks and Banking, Source: USLM XML via OLRC

As used in this subchapter—

(a)The term “mortgage” means a first mortgage on real estate, in fee simple, or on a leasehold (1) under a lease for not less than ninety-nine years which is renewable; or (2) under a lease having a period of not less than fifty years to run from the date the mortgage was executed; and the term “first mortgage” means such classes of first liens as are commonly given to secure advances on, or the unpaid purchase price of, real estate, under the laws of the State in which the real estate is located, together with the credit instruments, if any, secured thereby.

(b)The term “mortgagee” includes the original lender under a mortgage, and his successors and assigns approved by the Secretary; and the term “mortgagor” includes the original borrower under a mortgage and his successors and assigns.

(c)The term “maturity date” means the date on which the mortgage indebtedness would be extinguished if paid in accordance with periodic payments provided for in the mortgage.

(d)The term “State” includes the several States, and Puerto Rico, the District of Columbia, Guam, and the Virgin Islands.

Notes & Related Subsidiaries

Editorial Notes

Amendments

1967—Subsec. (b). Pub. L. 90–19 substituted “Secretary” for “Commissioner”. 1960—Subsec. (d). Pub. L. 88–624 struck out “Hawaii,” before “Puerto Rico”. 1959—Subsec. (d). Pub. L. 86–70 struck out “Alaska,” before “Hawaii”. 1952—Subsec. (d). Act July 14, 1952, inserted “Guam,” after “District of Columbia,”. 1950—Act Apr. 20, 1950, substituted “Commissioner” for “Administrator” wherever appearing.

Statutory Notes and Related Subsidiaries

SeparabilityAct Mar. 28, 1941, ch. 31, § 9, 55 Stat. 62, provided that: “If any provision of this Act [enacting sections 1736 to 1742 of this title, and section 609k of Title 15, Commerce and Trade, and amending section 371, 1430, 1702, 1706, 1707, 1713, and 1715, 1716, 1717 of this title] or the application thereof to any person or circumstances, is held invalid, the remainder of the Act, and the application of such provision to other persons or circumstances, shall not be affected thereby.”

§1736 Definitions