§ 3702. — 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: 12USC3702]
TITLE 12--BANKS AND BANKING
CHAPTER 38--MULTIFAMILY MORTGAGE FORECLOSURE
Sec. 3702. Definitions
As used in this chapter--
(1) ``mortgage'' means a deed of trust, mortgage, deed to secure
debt, security agreement, or any other form of instrument under
which any interest in property, real, personal or mixed, or any
interest in property including leaseholds, life estates,
reversionary interests, and any other estates under applicable State
law, is conveyed in trust, mortgaged, encumbered, pledged, or
otherwise rendered subject to a lien, for the purpose of securing
the payment of money or the performance of an obligation;
(2) ``multifamily mortgage'' means a mortgage held by the
Secretary pursuant to--
(A) section 608 or 801, or title II or X, of the National
Housing Act [12 U.S.C. 1743, 1748, 1707 et seq., 1749aa et
seq.];
(B) section 312 of the Housing Act of 1964 [42 U.S.C.
1452b], as it existed immediately before its repeal by section
289 of the Cranston-Gonzalez National Affordable Housing Act;
(C) section 202 of the Housing Act of 1959 [12 U.S.C.
1701q], as it existed immediately before its amendment by
section 801 of the Cranston-Gonzalez National Affordable Housing
Act;
(D) section 202 of the Housing Act of 1959 [12 U.S.C.
1701q], as amended by section 801 of the Cranston-Gonzalez
National Affordable Housing Act; and
(E) section 811 of the Cranston-Gonzalez National Affordable
Housing Act [42 U.S.C. 8013].
(3) ``mortgage agreement'' means the note or debt instrument and
the mortgage instrument, deed of trust instrument, trust deed, or
instrument or instruments creating the mortgage, including any
instrument incorporated by reference therein (including any
applicable regulatory agreement), and any instrument or agreement
amending or modifying any of the foregoing;
(4) ``mortgagor'' means the obligor, grantor, or trustor named
in the mortgage agreement and, unless the context otherwise
indicates, includes the current owner of record of the security
property whether or not personally liable on the mortgage debt;
(5) ``person'' includes any individual, group of individuals,
association, partnership, corporation, or organization;
(6) ``record'' and ``recorded'' included ``register'' and
``registered'' in the instance of registered land;
(7) ``security property'' means the property, real, personal or
mixed, or an interest in property, including leaseholds, life
estate, reversionary interests, and any other estates under
applicable State law, together with fixtures and other interests
subject to the lien of the mortgage under applicable State law;
(8) ``State'' means the several States, the District of
Columbia, the Commonwealth of Puerto Rico, the territories and
possessions of the United States, and the Trust Territory of the
Pacific Islands, and Indian tribes as defined by the Secretary;
(9) ``county'' means county as defined in section 2 of title 1;
and
(10) ``Secretary'' means the Secretary of Housing and Urban
Development.
(Pub. L. 97-35, title III, Sec. 363, Aug. 13, 1981, 95 Stat. 422; Pub.
L. 102-550, title V, Sec. 517(b), Oct. 28, 1992, 106 Stat. 3792.)
References in Text
The National Housing Act, referred to in par. (2)(A), is act June
27, 1934, ch. 847, 48 Stat. 1246, as amended. Title II of the Act is
classified principally to subchapter II (Sec. 1707 et seq.) of chapter
13 of this title. Title X of the Act, which was classified principally
to subchapter IX-A (Sec. 1749aa et seq.) of chapter 13 of this title,
was repealed by Pub. L. 101-235, title I, Sec. 133(a), Dec. 15, 1989,
103 Stat. 2027. For complete classification of this Act to the Code, see
section 1701 of this title and Tables.
Section 312 of the Housing Act of 1964, referred to in par. (2)(B),
is section 312 of Pub. L. 88-560, which was classified to section 1452b
of Title 42, The Public Health and Welfare, and was repealed by Pub. L.
101-625, title II, Sec. 289(b)(1), Nov. 28, 1990, 104 Stat. 4128.
Section 801 of the Cranston-Gonzalez National Affordable Housing
Act, referred to in par. (2)(C), (D), is section 801 of Pub. L. 101-625.
Amendments
1992--Par. (2). Pub. L. 102-550 amended par. (2) generally. Prior to
amendment, par. (2) read as follows: `` `multifamily mortgage' means a
mortgage held by the Secretary pursuant to title II of the National
Housing Act or section 312 of the House Act of 1964 covering any
property, except a property on which there is located a one- to four-
family residence;''.
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.
