§ 3765. — Effect of sale.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC3765]
TITLE 12--BANKS AND BANKING
CHAPTER 38A--SINGLE FAMILY MORTGAGE FORECLOSURE
Sec. 3765. Effect of sale
A sale, made and conducted as prescribed in this chapter to a bona
fide purchaser, shall bar all claims upon, or with respect to, the
property sold, for each of the following persons:
(1) Notice recipients
Any person to whom the notice of default and foreclosure sale
was mailed as provided in this chapter, and the heir, devisee,
executor, administrator, successor, or assignee claiming under any
such person.
(2) Subordinate claimants with knowledge
Any person claiming any interest in the property subordinate to
that of the mortgage, if such person had actual knowledge of the
foreclosure sale.
(3) Nonrecorded claimants
Any person claiming any interest in the property, whose
assignment, mortgage, or other conveyance was not duly recorded or
filed in the proper place for recording or filing, or whose judgment
or decree was not duly docketed or filed in the proper place for
docketing or filing, before the date on which the notice of the
foreclosure sale was first served by publication, as required by
section 3758(3) of this title, and the executor, administrator, or
assignee of such a person.
(4) Other persons
Any person claiming an interest in the property under a
statutory lien or encumbrance created subsequent to the recording or
filing of the mortgage being foreclosed, and attaching to the title
or interest of any person designated in any of the foregoing
paragraphs.
(Pub. L. 103-327, title II, Sept. 28, 1994, 108 Stat. 2316.)
Codification
Section is based on section 816 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.
Section Referred to in Other Sections
This section is referred to in section 3763 of this title.
