2015 US Code
Title 12 - Banks and Banking (Sections 1 - 5710)
Chapter 38A - Single Family Mortgage Foreclosure (Sections 3751 - 3768)
Sec. 3752 - Definitions
Publication Title | United States Code, 2012 Edition, Supplement 3, Title 12 - BANKS AND BANKING |
Category | Bills and Statutes |
Collection | United States Code |
SuDoc Class Number | Y 1.2/5: |
Contained Within | Title 12 - BANKS AND BANKING CHAPTER 38A - SINGLE FAMILY MORTGAGE FORECLOSURE Sec. 3752 - Definitions |
Contains | section 3752 |
Date | 2015 |
Laws In Effect As Of Date | January 3, 2016 |
Positive Law | No |
Disposition | standard |
Source Credit | Pub. L. 103-327, title II, Sept. 28, 1994, 108 Stat. 2316. |
Statutes at Large References | 48 Stat. 1246 108 Stat. 2316 |
Public and Private Laws | Public Law 103-327 |
Congressional Bill | S.2281 103rd Congress |
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For purposes of this chapter, the following definitions shall apply:
(1) Bona fide purchaserThe 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) CountyThe term "county" has the same meaning as in section 2 of title 1.
(3) MortgageThe 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 agreementThe 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) MortgagorThe 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.
(6) OwnerThe term "owner" means any person who has an ownership interest in property and includes heirs, devises, executors, administrators, and other personal representatives, and trustees of testamentary trusts if the owner of record is deceased.
(7) PersonThe term "person" includes any individual, group of individuals, association, partnership, corporation, or organization.
(8) Record; recordedThe terms "record" and "recorded" include "register" and "registered" in the instance of registered land.
(9) Security propertyThe 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 mortgageThe 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) StateThe 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.
(Pub. L. 103–327, title II, Sept. 28, 1994, 108 Stat. 2316.)
REFERENCES IN TEXTThe National Housing Act, referred to in par. (10)(A), is act June 27, 1934, ch. 847, 48 Stat. 1246, as amended. 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.
CODIFICATIONSection 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.
TERMINATION OF TRUST TERRITORY OF THE PACIFIC ISLANDSFor termination of Trust Territory of the Pacific Islands, see note set out preceding section 1681 of Title 48, Territories and Insular Possessions.
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