12 U.S.C. § 3765 — Effect of sale

Page 1569 TITLE 12—BANKS AND BANKING § 3766 (2) Certain provisions Section 1710(l) of this title and section 1452c of title 42 shall not apply to mortgages fore- closed under this chapter. (f) Taxes When a mortgage foreclosed pursuant to this chapter is conveyed to the Secretary, no tax shall be imposed or collected with respect to the foreclosure commissioner’s deed (including any tax customarily imposed upon the deed instru- ment or upon the conveyance or transfer of title to the property). Failure to collect or pay a tax of the type and under the circumstances stated in the preceding sentence shall not be grounds for refusing to record such a deed, for failing to recognize such recordation as imparting notice, or for denying the enforcement of such a deed and its provisions in any State or Federal court. (Pub. L. 103–327, title II, Sept. 28, 1994, 108 Stat. 2316.) Editorial Notes CODIFICATION Section is based on section 814 of title VIII of S. 2281, One Hundred Third Congress, as reported July 13, 1994, which was enacted into law by Pub. L. 103–327. § 3764. Record of foreclosure and sale (a) Statements included To establish a sufficient record of foreclosure and sale, the foreclosure commissioner shall in- clude in the recitals of the deed to the pur- chaser, or prepare as an affidavit or addendum to the deed, a statement setting forth— (1) the date, time, and place of the fore- closure sale; (2) that the mortgage was held by the Sec- retary, the date of the mortgage, the office in which the mortgage was recorded, and the liber number and folio or other appropriate de- scription of the recordation of the mortgage; (3) the particulars of the foreclosure com- missioner’s service of the notice of default and foreclosure sale in accordance with sections 3758 and 3760 of this title; (4) the date and place of filing the notice of default and foreclosure sale; (5) that the foreclosure was conducted in ac- cordance with the provisions of this chapter and with the terms of the notice of default and foreclosure sale; and (6) the sale amount. (b) Effect of statements The items set forth in subsection (a) shall— (1) be prima facie evidence of the truth of such facts in any Federal or State court; and (2) evidence a conclusive presumption in favor of bona fide purchasers and encum- brancers for value without notice. Encumbrancers for value include liens placed by lenders who provide the purchaser with purchase money in exchange for a security interest in the newly-conveyed property. (c) Recordation of instruments The deed executed by the foreclosure commis- sioner, the foreclosure commissioner’s affidavit (if prepared) and any other instruments sub- mitted for recordation in relation to the fore- closure of the security property under this chap- ter shall be accepted for recordation by the reg- istrar of deeds or other appropriate official of the county or counties in which the security property is located upon tendering of payment of the usual recording fees for such instruments, and without regard to the compliance of those instruments with any other local filing require- ments. (Pub. L. 103–327, title II, Sept. 28, 1994, 108 Stat. 2316.) Editorial Notes CODIFICATION Section is based on section 815 of title VIII of S. 2281, One Hundred Third Congress, as reported July 13, 1994, which was enacted into law by Pub. L. 103–327. § 3765. Effect of sale A sale, made and conducted as prescribed in this chapter to a bona fide purchaser, shall bar all claims upon, or with respect to, the property sold, for each of the following persons: (1) Notice recipients Any person to whom the notice of default and foreclosure sale was mailed as provided in this chapter, and the heir, devisee, executor, administrator, successor, or assignee claiming under any such person. (2) Subordinate claimants with knowledge Any person claiming any interest in the property subordinate to that of the mortgage, if such person had actual knowledge of the foreclosure sale. (3) Nonrecorded claimants Any person claiming any interest in the property, whose assignment, mortgage, or other conveyance was not duly recorded or filed in the proper place for recording or filing, or whose judgment or decree was not duly docketed or filed in the proper place for dock- eting or filing, before the date on which the notice of the foreclosure sale was first served by publication, as required by section 3758(3) of this title, and the executor, administrator, or assignee of such a person. (4) Other persons Any person claiming an interest in the prop- erty under a statutory lien or encumbrance created subsequent to the recording or filing of the mortgage being foreclosed, and attach- ing to the title or interest of any person des- ignated in any of the foregoing paragraphs. (Pub. L. 103–327, title II, Sept. 28, 1994, 108 Stat. 2316.) Editorial Notes CODIFICATION Section is based on section 816 of title VIII of S. 2281, One Hundred Third Congress, as reported July 13, 1994, which was enacted into law by Pub. L. 103–327. § 3766. Computation of time Periods of time provided for in this chapter shall be calculated in consecutive calendar days,