§ 3752. — Definitions.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC3752]
TITLE 12--BANKS AND BANKING
CHAPTER 38A--SINGLE FAMILY MORTGAGE FORECLOSURE
Sec. 3752. Definitions
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
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.
(6) Owner
The 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) 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.
(Pub. L. 103-327, title II, Sept. 28, 1994, 108 Stat. 2316.)
References in Text
The 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 (Sec. 1702 et seq.) and II
(Sec. 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.
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.
