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United States Code
Title 12 - BANKS AND BANKINGChapter 13 - NATIONAL HOUSING
Subchapter VI - WAR HOUSING INSURANCE
Section 1736 - Definitions

12 U.S.C. § 1736

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Current through P.L. 118-47 (published on www.congress.gov on 03/23/2024)
Section 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.

12 U.S.C. § 1736

June 27, 1934, ch. 847, title VI, §601, as added Mar. 28, 1941, ch. 31, §1, 55 Stat. 55; amended Apr. 20, 1950, ch. 94, title I, §122, 64 Stat. 59; July 14, 1952, ch. 723, §10(a)(2), 66 Stat. 603; Pub. L. 86-70 §10(a), June 25, 1959, 73 Stat. 142; Pub. L. 86-624 §6, July 12, 1960, 74 Stat. 411; Pub. L. 90-19 §1(a)(3), May 25, 1967, 81 Stat. 17.

EDITORIAL NOTES

AMENDMENTS1967-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.

STATUTORY NOTES AND RELATED SUBSIDIARIES

SEPARABILITYAct Mar. 28, 1941, ch. 31, §9, 55 Stat. 62, 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."

State
The term "State" means any State, territory, or possession of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the Commonwealth of the Northern Mariana Islands, Guam, American Samoa, or the United States Virgin Islands or any federally recognized Indian tribe, as defined by the Secretary of the Interior under section 5131(a) of title 25.
credit
The term "credit" means the right granted by a person to a consumer to defer payment of a debt, incur debt and defer its payment, or purchase property or services and defer payment for such purchase.
person
The term "person" means an individual, partnership, company, corporation, association (incorporated or unincorporated), trust, estate, cooperative organization, or other entity.