(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.
1967—Subsec. (b). Pub. L. 90–19substituted “Secretary” for “Commissioner”.
1960—Subsec. (d). Pub. L. 88–624struck out “Hawaii,” before “Puerto Rico”.
1959—Subsec. (d). Pub. L. 86–70struck 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.
Section 9 of act Mar. 28, 1941 provided that: “If any provision of this Act [enacting sections
1742 of this title, and section
609k of Title
15, Commerce and Trade, and amending sections
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.”
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.
Description of Change
Statutes at Large
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