§ 1748. — 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: 12USC1748]
TITLE 12--BANKS AND BANKING
CHAPTER 13--NATIONAL HOUSING
SUBCHAPTER VIII--ARMED SERVICES HOUSING MORTGAGE INSURANCE
Sec. 1748. 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 for 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,
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 ``housing accommodations'' means housing designed for
occupancy by military personnel and their dependents, assigned to duty
at or near the military installation where such housing units are
constructed.
(e) The term ``personnel'' shall include military and civilian
personnel approved by the Secretary of Defense, or his designee, and the
dependents of all such personnel.
(f) The term ``military'' includes Army, Navy, Marine Corps, Air
Force, and Coast Guard.
(g) The term ``State'' includes the several States, and Puerto Rico,
the District of Columbia, Guam, the Virgin Islands, the Canal Zone, and
Midway Island.
(June 27, 1934, ch. 847, title VIII, Sec. 801, as added Aug. 8, 1949,
ch. 403, Sec. 1, 63 Stat. 570; amended July 14, 1952, ch. 723,
Sec. 10(a)(2), 66 Stat. 603; Aug. 11, 1955, ch. 783, title IV, Sec. 401,
69 Stat. 646; Aug. 7, 1956, ch. 1029, title V, Sec. 501, 70 Stat. 1109;
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.)
References in Text
For definition of Canal Zone, referred to in subsec. (g), see
section 3602(b) of Title 22, Foreign Relations and Intercourse.
Amendments
1967--Subsec. (b). Pub. L. 90-19 substituted ``Secretary'' for
``Commissioner''.
1960--Subsec. (g). Pub. L. 86-624 struck out ``Hawaii,'' before
``Puerto Rico''.
1959--Subsec. (g). Pub. L. 86-70 struck out ``Alaska,'' before
``Hawaii''.
1956--Subsec. (g). Act Aug. 7, 1956, inserted reference to Canal
Zone and Midway Island.
1955--Act Aug. 11, 1955, inserted definitions of ``housing
accommodations'' and ``personnel'' and included the Coast Guard in
definition of ``military''.
1952--Subsec. (f). Act July 14, 1952, inserted ``Guam,'' after
``District of Columbia,''.
Savings Provision
Section 408 of act Aug. 11, 1955, as amended by act Aug. 7, 1956,
Sec. 511, provided that: ``Notwithstanding the provisions of section 401
of this Act [amending this subchapter], the provisions of title VIII of
the National Housing Act [this subchapter] in effect prior to the
enactment of the Housing Amendments of 1955 [August 11, 1955] shall
continue in full force and effect with respect to all mortgages insured
pursuant to a certification by the Secretary of Defense or his designee
made on or before June 30, 1955, and a commitment to insure issued on or
before June 30, 1956 or pursuant to a certification by the Atomic Energy
Commission or its designee made on or before June 30, 1956, except that
the maximum dollar amount for each such mortgage shall be $12,500,000.]
Nothing contained in the provisions of title VIII of the National
Housing Act [this subchapter] in effect prior to August 11, 1955 or any
related provision of law, shall be construed to exempt from State or
local taxes or assessments the interest of a lessee from the Federal
Government in or with respect to any property covered by a mortgage
insured under such provisions of title VIII: Provided, That, no such
taxes or assessments (not paid or encumbering such property or interest
prior to June 15, 1956) on the interest of such lessee shall exceed the
amount of taxes or assessments on other similar property of similar
value, less such amount as the Secretary of Defense or his designee
determines to be equal to (1) any payments made by the Federal
Government to the local taxing or other public agencies involved with
respect to such property, plus (2) such amount as may be appropriate for
any expenditures made by the Federal Government or the lessee for the
provision or maintenance of streets, sidewalks, curbs, gutters, sewers,
lighting, snow removal or any other services or facilities which are
customarily provided by the State, county, city, or other local taxing
authority with respect to such other similar property: And provided
further, That the provisions of this section shall not apply to
properties leased pursuant to the provisions of section 805 of the
National Housing Act [12 U.S.C. 1748d] as amended on or after August 11,
1955, which properties shall be exempt from State or local taxes or
assessments.''
Transfer of Functions
For transfer of authorities, functions, personnel, and assets of the
Coast Guard, including the authorities and functions of the Secretary of
Transportation relating thereto, to the Department of Homeland Security,
and for treatment of related references, see sections 468(b), 551(d),
552(d), and 557 of Title 6, Domestic Security, and the Department of
Homeland Security Reorganization Plan of November 25, 2002, as modified,
set out as a note under section 542 of Title 6.
Coast Guard
Subchapter as applicable to Coast Guard, see section 1594e of Title
42, The Public Health and Welfare.
Section Referred to in Other Sections
This section is referred to in sections 1748h-1, 1748h-2, 3702 of
this title.
