§ 1736. — 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: 12USC1736]
TITLE 12--BANKS AND BANKING
CHAPTER 13--NATIONAL HOUSING
SUBCHAPTER VI--WAR HOUSING INSURANCE
Sec. 1736. Definitions
As used in this subchapter--
(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 fifty years to run from the date the mortgage
was executed; 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, and the Virgin Islands.
(June 27, 1934, ch. 847, title VI, Sec. 601, as added Mar. 28, 1941, ch.
31, Sec. 1, 55 Stat. 55; amended 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.)
Amendments
1967--Subsec. (b). Pub. L. 90-19 substituted ``Secretary'' for
``Commissioner''.
1960--Subsec. (d). Pub. L. 88-624 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'' wherever appearing.
Separability
Section 9 of act Mar. 28, 1941 provided that: ``If any provision of
this Act [enacting sections 1736 to 1742 of this title, and section 609k
of Title 15, Commerce and Trade, and amending sections 371, 1430, 1702,
1706, 1707, 1713, and 1715, 1716, 1717 of this title] or the application
thereof to any person or circumstances, is held invalid, the remainder
of the Act, and the application of such provision to other persons or
circumstances, shall not be affected thereby.''
