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

Summary

The foreclosure commissioner must put certain facts into the deed to the buyer or an attached affidavit when a property is sold at foreclosure. That statement must say the date, time, and place of the sale; who held the mortgage, the mortgage date, and where it was recorded (book/page or other record reference); how notice of default and the sale was given under sections 3758 and 3760; when and where the notice was filed; that the sale followed the rules and the posted notice; and the sale price. Those statements count as proof of the facts in court and are final for good-faith buyers and lenders who had no notice. County recorders must accept the deed, affidavit, and related papers for recording if the usual fees are paid, even if the papers do not meet other local filing rules.

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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