12 U.S.C. § 3752: Definitions

Summary

Defines key words used in this chapter. It gives short meanings for terms people will see later. "Bona fide purchaser" means a buyer who pays value, acts in good faith, does not know of a competing claim, and gets the property free of that claim. "County" means the same as in section 2 of title 1. "Mortgage" covers deeds of trust, mortgages, deeds to secure debt, security agreements, or any other paper that makes property or an interest in property subject to a lien to secure money or an obligation. "Mortgage agreement" means the note or debt and the mortgage or trust instrument and any documents tied to or changing them. "Mortgagor" means the obligor, grantor, or trustee named in the mortgage and, unless stated otherwise, the current recorded owner of the property. "Owner" means anyone with an ownership interest, including heirs, executors, administrators, personal representatives, and trustees of testamentary trusts if the recorded owner is dead. "Person" includes individuals, groups, associations, partnerships, corporations, and organizations. "Record" or "recorded" also covers "register" and "registered" for registered land. "Security property" means real, personal, or mixed property or interests in property (like leaseholds, life estates, reversionary interests), plus fixtures and other interests subject to the mortgage lien under state law. "Single family mortgage" means a mortgage on a 1- to 4-family residence that is either held by the Secretary under title I or title II of the National Housing Act, or secures a loan obligated by the Secretary under section 1452b of title 42 as it existed before repeal by section 12839 of title 42 (but not a mortgage covering property that has nonresidential space along with a 1- to 4-family dwelling). "State" includes the several States; the District of Columbia; the Commonwealth of Puerto Rico; the United States Virgin Islands; Guam; American Samoa; the Northern Mariana Islands; the Trust Territory of the Pacific Islands; and Indian tribes, as defined by the Secretary.

Title 12, §3752

Banks and Banking, Source: USLM XML via OLRC

For purposes of this chapter, the following definitions shall apply:

(1)Bona fide purchaser

The term “bona fide purchaser” means a purchaser for value in good faith and without notice of any adverse claim, and who acquires the security property free of any adverse claim.

(2)County

The term “county” has the same meaning as in section 2 of title 1.

(3)Mortgage

The term “mortgage” means a deed of trust, mortgage, deed to secure debt, security agreement, or any other form of instrument under which any property (real, personal or mixed), or any interest in property (including leaseholds, life estates, reversionary interests, and any other estates under applicable State law), is conveyed in trust, mortgaged, encumbered, pledged, or otherwise rendered subject to a lien for the purpose of securing the payment of money or the performance of an obligation.

(4)Mortgage agreement

The term “mortgage agreement” means the note or debt instrument and the mortgage instrument, deed of trust instrument, trust deed, or instrument or instruments creating the mortgage, including any instrument incorporated by reference therein and any instrument or agreement amending or modifying any of the foregoing.

(5)Mortgagor (6) Owner

The term “mortgagor” means the obligor, grantor, or trustee named in the mortgage agreement and, unless the context otherwise indicates, includes the current owner of record of the security property whether or not such owner is personally liable on the mortgage debt.

(7)Person

The term “person” includes any individual, group of individuals, association, partnership, corporation, or organization.

(8)Record; recorded

The terms “record” and “recorded” include “register” and “registered” in the instance of registered land.

(9)Security property

The term “security property” means the property (real, personal or mixed) or an interest in property (including leaseholds, life estates, reversionary interests, and any other estates under applicable State law), together with fixtures and other interests subject to the lien of the mortgage under applicable State law.

(10)Single family mortgage

The term “single family mortgage” means a mortgage that covers property on which there is located a 1- to 4-family residence, and that—

(A)is held by the Secretary pursuant to title I or title II of the National Housing Act [12 U.S.C. 1702 et seq., 1707 et seq.]; or

(B)secures a loan obligated by the Secretary under section 1452b of title 42, as it existed before the repeal of that section by section 12839 of title 42 (except that a mortgage securing such a loan that covers property containing nonresidential space and a 1- to 4-family dwelling shall not be subject to this chapter).

(11)State

The term “State” means—

(A)the several States;

(B)the District of Columbia;

(C)the Commonwealth of Puerto Rico;

(D)the United States Virgin Islands;

(E)Guam;

(F)American Samoa;

(G)the Northern Mariana Islands;

(H)the Trust Territory of the Pacific Islands; and

(I)Indian tribes, as defined by the Secretary.

Notes & Related Subsidiaries

Editorial Notes

References in Text

The National Housing Act, referred to in par. (10)(A), is act

June 27, 1934, ch. 847, 48 Stat. 1246. Titles I and II of the Act are classified generally to subchapters I (§ 1702 et seq.) and II (§ 1707 et seq.), respectively, of chapter 13 of this title. For complete classification of this Act to the Code, see section 1701 of this title and Tables. Codification Section is based on section 803 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.

Executive Documents

Termination of Trust Territory of the Pacific Islands For termination of Trust Territory of the Pacific Islands, see note set out preceding section 1681 of Title 48, Territories and Insular Possessions.

§3752 Definitions