Title 12 — Banks and Banking
Chapter 38 — Multifamily Mortgage Foreclosure
§ 3702. Definitions
Statutory text
As used in this chapter—
“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;
“multifamily mortgage” means a mortgage held by the Secretary pursuant to—
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.];
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;
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;
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;
section 811 of the Cranston-Gonzalez National Affordable Housing Act [42 U.S.C. 8013]; and
section 514 1 515, or 538 of the Housing Act of 1949 (42 U.S.C. 1484, 1485, 1490p–2).
“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;
“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;
“person” includes any individual, group of individuals, association, partnership, corporation, or organization;
“record” and “recorded” include “register” and “registered” in the instance of registered land;
“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;
“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;
“county” means county as defined in section 2 of title 1; and
“Secretary” means the Secretary of Housing and Urban Development and the Secretary of Agriculture.
Footnotes
- 1 So in original. Probably should be followed by a comma.
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
Multifamily Mortgage Foreclosure Act of 1981
Pub. L. 97–35 title III § 363 · 95 Stat. 357
Enacted · 12 U.S.C. § 3702
Pub. L. 97–35, title III, § 363, Aug. 13, 1981, 95 Stat. 422
Source evidence
Code source credit
Pub. L. 97–35, title III, § 363, Aug. 13, 1981, 95 Stat. 422Enacted provision · exact public law section
Sec. 363. definitions As used in this part— (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 title II of the National Housing Act or section 312 of the Housing Act of 1964 covering any property, 12 USC 1707. 12 USC 1452b. except a property on which there is located a one- to four-family residence; (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” include “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 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; (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 I, United States Code; and 1 USC 2. (10) “Secretary” means the Secretary of Housing and Urban Development.Housing and Community Development Act of 1992
Pub. L. 102–550 title V § 517(b) · 106 Stat. 3672
Amended · 12 U.S.C. § 3702(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;”
Source evidence
Code amendment note
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;”.Enacted provision · exact public law section
(b) Definition.— Section 363(2) of the Multifamily Mortgage Foreclosure Act of 1981 (12 U.S.C. 3702(2)) is amended to read as follows: ”(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; “(B) section 312 of the Housing Act of 1964, 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, 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, as amended by section 801 of the Cranston-Gonzalez National Afford-able Housing Act; and “(E) section 811 of the Cranston-Gonzalez National Affordable Housing Act.”.Pub. L. 118–42 div. B title VII § 762 · 138 Stat. 115
Changed · 12 U.S.C. § 3702(10)
Pub. L. 118–42, which directed the insertion of “and the Secretary of Agriculture” after “Secretary of Housing Urban Development”, was executed by making the insertion after “Secretary of Housing and Urban Development”, to reflect the probable intent of Congress
Unresolved: Pub. L. 118–42 was not found in the local Statutes at Large index.
Source evidence
Code amendment note
Par. (10). Pub. L. 118–42, which directed the insertion of “and the Secretary of Agriculture” after “Secretary of Housing Urban Development”, was executed by making the insertion after “Secretary of Housing and Urban Development”, to reflect the probable intent of Congress.Pub. L. 119–37 div. B title VII § 765 · 139 Stat. 554
Added · 12 U.S.C. § 3702(2)(F)
Pub. L. 119–37 added subpar. (F)
Unresolved: Pub. L. 119–37 was not found in the local Statutes at Large index.
Source evidence
Code amendment note
Par. (2)(F). Pub. L. 119–37 added subpar. (F).Pub. L. 119–101 title V § 502(a)(1) · 140 Stat. 918
Substituted · 12 U.S.C. § 3702(2)(F)
Pub. L. 119–101 substituted “515, or 538” for “or 515”
Inserted · 12 U.S.C. § 3702(2)(F)
Pub. L. 119–101 inserted “, 1490p–2” after “1485”
Unresolved: Pub. L. 119–101 was not found in the local Statutes at Large index.
Source evidence
Code amendment note
Par. (2)(F). Pub. L. 119–101 substituted “515, or 538” for “or 515” and inserted “, 1490p–2” after “1485”.
2 of 6 references resolved to an enrolled provision · 4 unresolved
Editorial Notes
References in Text
The National Housing Act, referred to in par. (2)(A), is act June 27, 1934, ch. 847, 48 Stat. 1246. Title II of the Act is classified principally to subchapter II (§ 1707 et seq.) of chapter 13 of this title. Title X of the Act, which was classified principally to subchapter IX–A (§ 1749aa et seq.) of chapter 13 of this title, was repealed by Pub. L. 101–235, title I, § 133(a), , 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, § 289(b)(1), , 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.
Amendments1992–2026 · 4 rounds
2026
Par. (2)(F). Pub. L. 119–101 substituted “515, or 538” for “or 515” and inserted “, 1490p–2” after “1485”.
2025
Par. (2)(F). Pub. L. 119–37 added subpar. (F).
2024
Par. (10). Pub. L. 118–42, which directed the insertion of “and the Secretary of Agriculture” after “Secretary of Housing Urban Development”, was executed by making the insertion after “Secretary of Housing and Urban Development”, to reflect the probable intent of Congress.
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;”.
Executive Documents
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.