§ 3764. — Record of foreclosure and 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: 12USC3764]
TITLE 12--BANKS AND BANKING
CHAPTER 38A--SINGLE FAMILY MORTGAGE FORECLOSURE
Sec. 3764. Record of foreclosure and sale
(a) Statements included
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
sections 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) Effect of statements
The items set forth in subsection (a) of this section 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.
Encumbrancers for value include liens placed by lenders who provide the
purchaser with purchase money in exchange for a security interest in the
newly-conveyed property.
(c) Recordation of instruments
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.
(Pub. L. 103-327, title II, Sept. 28, 1994, 108 Stat. 2316.)
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.
