§ 1707. — 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: 12USC1707]
TITLE 12--BANKS AND BANKING
CHAPTER 13--NATIONAL HOUSING
SUBCHAPTER II--MORTGAGE INSURANCE
Sec. 1707. Definitions
As used in section 1709 of this title--
(a) The term ``mortgage'' means a first mortgage on real estate, in
fee simple, or on a leasehold (1) under a lease for not less than
ninety-nine years which is renewable or (2) under a lease having a
period of not less than ten years to run beyond the maturity date of the
mortgage; and the term ``first mortgage'' means such classes of first
liens as are commonly given to secure advances on, or the unpaid
purchase price of, real estate, under the laws of the State, in which
the real estate is located, together with the credit instruments, if
any, secured thereby.
(b) The term ``mortgagee'' includes the original lender under a
mortgage, and his successors and assigns approved by the Secretary; and
the term ``mortgagor'' includes the original borrower under a mortgage
and his successors and assigns.
(c) The term ``maturity date'' means the date on which the mortgage
indebtedness would be extinguished if paid in accordance with periodic
payments provided for in the mortgage.
(d) The term ``State'' includes the several States, and Puerto Rico,
the District of Columbia, Guam, the Trust Territory of the Pacific
Islands, American Samoa, and the Virgin Islands.
(e) The term ``family member'' means, with respect to a mortgagor
under such section, a child, parent, or grandparent of the mortgagor (or
the mortgagor's spouse). In determining whether any of the relationships
referred to in the preceding sentence exist, a legally adopted son or
daughter of an individual (and a child who is a member of an
individual's household, if placed with such individual by an authorized
placement agency for legal adoption by such individual), and a foster
child of an individual, shall be treated as a child of such individual
by blood.
(f) The term ``child'' means, with respect to a mortgagor under such
section, a son, stepson, daughter, or stepdaughter of such mortgagor.
(June 27, 1934, ch. 847, title II, Sec. 201, 48 Stat. 1247; Feb. 3,
1938, ch. 13, Sec. 3, 52 Stat. 9; Mar. 28, 1941, ch. 31, Sec. 4(a), 55
Stat. 61; Apr. 20, 1950, ch. 94, title I, Sec. 122, 64 Stat. 59; July
14, 1952, ch. 723, Sec. 10(a)(2), 66 Stat. 603; Pub. L. 86-70,
Sec. 10(a), June 25, 1959, 73 Stat. 142; Pub. L. 86-624, Sec. 6, July
12, 1960, 74 Stat. 411; Pub. L. 90-19, Sec. 1(a)(3), May 25, 1967, 81
Stat. 17; Pub. L. 91-152, title IV, Sec. 403(c)(1), Dec. 24, 1969, 83
Stat. 395; Pub. L. 96-399, title III, Sec. 306, Oct. 8, 1980, 94 Stat.
1640; Pub. L. 98-181, title IV, Sec. 407(b), Nov. 30, 1983, 97 Stat.
1211; Pub. L. 104-204, title IV, Sec. 425(b), Sept. 26, 1996, 110 Stat.
2928.)
Amendments
1996--Subsecs. (e), (f). Pub. L. 104-204 added subsecs. (e) and (f).
1983--Subsec. (d). Pub. L. 98-181 inserted ``American Samoa,'' after
``Pacific Islands,''.
1980--Subsec. (a). Pub. L. 96-399 substituted ``ten years to run
beyond the maturity date of the mortgage'' for ``fifty years to run from
the date the mortgage was executed''.
1969--Subsec. (d). Pub. L. 91-152 inserted ``the Trust Territory of
the Pacific Islands'' after ``Guam''.
1967--Subsec. (b). Pub. L. 90-19 substituted ``Secretary'' for
``Commissioner''.
1960--Subsec. (d). Pub. L. 86-624 struck out ``Hawaii,'' before
``Puerto Rico''.
1959--Subsec. (d). Pub. L. 86-70 struck out ``Alaska,'' before
``Hawaii''.
1952--Subsec. (d). Act July 14, 1952, inserted ``Guam,'' after
``District of Columbia''.
1950--Act Apr. 20, 1950, substituted ``Commissioner'' for
``Administrator''.
1941--Subsec. (a). Act Mar. 28, 1941, Sec. 4(a)(1), struck out
``district, or Territory''.
Subsec. (d). Act Mar. 28, 1941, Sec. 4(a)(2), added subsec. (d).
1938--Subsec. (a)(2). Act Feb. 3, 1938, struck out ``upon which
there is located a dwelling for not more than four families which is
used in whole or in part for residential purposes, irrespective of
whether such dwelling has a party wall or is otherwise physically
connected with another dwelling'' after ``executed''.
Subsec. (c). Act Feb. 3, 1938, added subsec. (c).
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.
Improvement of Financing for Multifamily Housing
Pub. L. 102-550, title V, subtitle C, Oct. 28, 1992, 106 Stat. 3794,
as amended, which related to improvement of financing for multifamily
housing and was formerly set out as a note under this section, was
transferred or omitted as follows:
Section 541 of Pub. L. 102-550 was transferred and is set out as a
note under section 1701 of this title;
Section 542 of Pub. L. 102-550 was transferred to section 1715z-22
of this title;
Section 543 of Pub. L. 102-550 was omitted from the Code;
Section 544 of Pub. L. 102-550 was transferred to section 1715z-22a
of this title.
Section Referred to in Other Sections
This section is referred to in sections 1706c, 1709, 1715k, 1715l,
1715y, 1715z-1, 1715z-20, 1750 of this title.
