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§ 3763. —  Transfer of title and possession.



[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
  January 24, 2002 and December 19, 2002]
[CITE: 12USC3763]

 
                       TITLE 12--BANKS AND BANKING
 
             CHAPTER 38A--SINGLE FAMILY MORTGAGE FORECLOSURE
 
Sec. 3763. Transfer of title and possession


(a) Delivery of deeds

    The foreclosure commissioner shall, upon delivery of a deed or deeds 
to the purchaser or purchasers (which shall be without warranty or 
covenants to the purchaser or purchasers) obtain the balance of the 
purchase price in accordance with the terms of sale provided in the 
notice of default and foreclosure sale. Notwithstanding any State law to 
the contrary, delivery of a deed by the foreclosure commissioner shall 
be a conveyance of the property, and constitute passage of title to the 
mortgaged property, and no judicial proceedings shall be required 
ancillary or supplementary to the procedures provided in this chapter to 
assure the validity of the conveyance or confirmation of such 
conveyance.

(b) Right of possession

    A purchaser at a foreclosure sale held pursuant to this chapter 
shall be entitled to possession upon passage of title under subsection 
(a) of this section to the mortgaged property, subject to any interest 
or interests not barred under section 3765 of this title. Any person 
remaining in possession of the mortgaged property after the passage of 
title shall be deemed a tenant at sufferance subject to eviction under 
local law.

(c) Death of purchaser

    If a purchaser dies before execution and delivery of the deed 
conveying the property to the purchaser, the foreclosure commissioner 
shall execute and deliver the deed to a representative of the decedent 
purchaser's estate upon payment of the purchase price in accordance with 
the terms of sale. Such delivery to the representative of the 
purchaser's estate shall have the same effect as if accomplished during 
the lifetime of the purchaser.

(d) Bona fide purchaser

    The purchaser of property under this chapter shall be presumed to be 
a bona fide purchaser.

(e) No right of redemption

                           (1) In general

        There shall be no right of redemption, or right of possession 
    based upon a right of redemption, in the mortgagor or others 
    subsequent to a foreclosure completed pursuant to this chapter.

                       (2) Certain provisions

        Section 1710(l) of this title and section 1452c of title 42 
    shall not apply to mortgages foreclosed under this chapter.

(f) Taxes

    When a mortgage foreclosed pursuant to this chapter is conveyed to 
the Secretary, no tax shall be imposed or collected with respect to the 
foreclosure commissioner's deed (including any tax customarily imposed 
upon the deed instrument or upon the conveyance or transfer of title to 
the property). Failure to collect or pay a tax of the type and under the 
circumstances stated in the preceding sentence shall not be grounds for 
refusing to record such a deed, for failing to recognize such 
recordation as imparting notice, or for denying the enforcement of such 
a deed and its provisions in any State or Federal court.

(Pub. L. 103-327, title II, Sept. 28, 1994, 108 Stat. 2316.)

                          Codification

    Section is based on section 814 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.



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