Current as of: February 2010
For purposes of this chapter, the following definitions shall
apply:
(1) Bona fide purchaser
The term "bona fide purchaser" means a purchaser for value in
good faith and without notice of any adverse claim, and who
acquires the security property free of any adverse claim.
(2) County
The term "county" has the same meaning as in section 2 of title
1.
(3) Mortgage
The term "mortgage" means a deed of trust, mortgage, deed to
secure debt, security agreement, or any other form of instrument
under which any 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.
(4) Mortgage agreement
The term "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 and
any instrument or agreement amending or modifying any of the
foregoing.
(5) Mortgagor
The term "mortgagor" means the obligor, grantor, or trustee
named in the mortgage agreement and, unless the context otherwise
indicates, includes the current owner of record of the security
property whether or not such owner is personally liable on the
mortgage debt.
(6) Owner
The term "owner" means any person who has an ownership interest
in property and includes heirs, devises, executors,
administrators, and other personal representatives, and trustees
of testamentary trusts if the owner of record is deceased.
(7) Person
The term "person" includes any individual, group of
individuals, association, partnership, corporation, or
organization.
(8) Record; recorded
The terms "record" and "recorded" include "register" and
"registered" in the instance of registered land.
(9) Security property
The term "security property" means the property (real, personal
or mixed) or an interest in property (including leaseholds, life
estates, 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.
(10) Single family mortgage
The term "single family mortgage" means a mortgage that covers
property on which there is located a 1- to 4-family residence,
and that -
(A) is held by the Secretary pursuant to title I or title II
of the National Housing Act [12 U.S.C. 1702 et seq., 1707 et
seq.]; or
(B) secures a loan obligated by the Secretary under section
1452b of title 42, as it existed before the repeal of that
section by section 12839 of title 42 (except that a mortgage
securing such a loan that covers property containing
nonresidential space and a 1- to 4-family dwelling shall not be
subject to this chapter).
(11) State
The term "State" means -
(A) the several States;
(B) the District of Columbia;
(C) the Commonwealth of Puerto Rico;
(D) the United States Virgin Islands;
(E) Guam;
(F) American Samoa;
(G) the Northern Mariana Islands;
(H) the Trust Territory of the Pacific Islands; and
(I) Indian tribes, as defined by the Secretary.
Legislative History ________________________________________________________________________
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