12 U.S.C. § 3714 — Record of foreclosure and sale

Page 1561 TITLE 12—BANKS AND BANKING § 3717 cumstances. If such a procedure for the deposit of disputed funds is not available, and the fore- closure commissioner files a bill of interpleader or is sued as a stakeholder to determine entitle- ment to such funds, the foreclosure commis- sioner’s necessary costs in taking or defending such action shall be deductible from the dis- puted funds. (Pub. L. 97–35, title III, § 369D, Aug. 13, 1981, 95 Stat. 429.) § 3713. Transfer of title and possession (a) Payment and delivery of deeds The foreclosure commissioner shall deliver a deed or deeds to the purchaser or purchasers and obtain the balance of the purchase price in ac- cordance with the terms of sale provided in the notice of default and foreclosure sale. (b) Quit claim deed Subject to subsection (c), the foreclosure deed or deeds shall convey all of the right, title, and interest in the security property covered by the deed which the Secretary as holder, the fore- closure commissioner, the mortgagor, and any other persons claiming by, through, or under them, had on the date of execution of the mort- gage, together with all of the right, title, and in- terest thereafter acquired by any of them in such property up to the hour of sale, and no ju- dicial proceeding shall be required ancillary or supplementary to the procedures provided in this chapter to assure the validity of the con- veyance or confirmation of such conveyance. (c) Possession by purchaser; continuing interests A purchaser at a foreclosure sale held pursu- ant to this chapter shall be entitled to posses- sion upon passage of title to the mortgaged property, subject to an interest or interests sen- ior to that of the mortgage and subject to the terms of any lease of a residential tenant for the remaining term of the lease or for one year, whichever period is shorter. Any other person remaining in possession after the sale and any residential tenant remaining in possession after the applicable period shall be deemed a tenant at sufferance. (d) Right of redemption; right of possession There shall be no right of redemption, or right of possession based upon right of redemption, in the mortgagor or others subsequent to a fore- closure pursuant to this chapter. (e) Imposition of tax on conveyance to the Sec- retary When conveyance is made to the Secretary, no tax shall be imposed or collected with respect to the foreclosure commissioner’s deed, whether as a tax upon the instrument or upon the privilege of conveying or transferring title to the prop- erty. Failure to collect or pay a tax of the type and under the circumstances stated in the pre- ceding sentence shall not be grounds for refusing to record such a deed, for failing to recognize such recordation as imparting notice or for de- nying the enforcement of such a deed and its provisions in any State or Federal court. (Pub. L. 97–35, title III, § 369E, Aug. 13, 1981, 95 Stat. 430.) § 3714. Record of foreclosure and sale (a) To establish a sufficient record of fore- closure and sale, the foreclosure commissioner shall include in the recitals of the deed to the purchaser or prepare an affidavit or addendum to the deed stating— (1) that the mortgage was held by the Sec- retary; (2) the particulars of the foreclosure com- missioner’s service of notice of default and foreclosure sale in accordance with sections 3708 and 3710 of this title; (3) 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; (4) a correct statement of the costs of fore- closure, calculated in accordance with section 3711 of this title; and (5) the name of the successful bidder and the amount of the successful bid. (b) The deed executed by the foreclosure com- missioner, the foreclosure commissioner’s affi- davit and any other instruments submitted for recordation in relation to the foreclosure of the security property under this chapter shall be ac- cepted for recordation by the registrar of deeds or other appropriate official of the county or counties in which the security property is lo- cated upon tendering of payment of the usual re- cording fees for such instruments. (Pub. L. 97–35, title III, § 369F, Aug. 13, 1981, 95 Stat. 430.) § 3715. Computation of time Periods of time provided for in this chapter shall be calculated in consecutive calendar days including the day or days on which the actions or events occur or are to occur for which the pe- riod of time is provided and including the day on which an event occurs or is to occur from which the period is to be calculated. (Pub. L. 97–35, title III, § 369G, Aug. 13, 1981, 95 Stat. 431.) § 3716. Separability If any clause, sentence, paragraph or part of this chapter shall, for any reason, be adjudged by a court of competent jurisdiction to be in- valid or invalid as applied to a class of cases, such judgment shall not affect, impair, or inval- idate the remainder thereof and of this chapter, but shall be confined in its operation to the clause, sentence, paragraph, or part thereof di- rectly involved in the controversy in which such judgment shall have been rendered. (Pub. L. 97–35, title III, § 369H, Aug. 13, 1981, 95 Stat. 431.) § 3717. Regulations The Secretary is authorized to issue such reg- ulations as may be necessary to carry out the provisions of this chapter. (Pub. L. 97–35, title III, § 369I, Aug. 13, 1981, 95 Stat. 431.)