§5170. Anyone interested in subsequent mortgage may redeem
If no meeting is called or it is voted not to redeem, one or more of the persons interested in the subsequent mortgage may pay to the trustees the amount required to redeem the prior mortgage, and the trustees shall redeem it accordingly and then hold it in trust for the person so paying. [PL 1987, c. 141, Pt. A, §4 (NEW).]
SECTION HISTORY
PL 1987, c. 141, §A4 (NEW).
Structure Maine Revised Statutes
Chapter 605: MANAGEMENT AND OPERATION
Subchapter 4: FORECLOSURE AND REDEMPTION OF MORTGAGES
23 §5161. Railroad mortgages foreclosed
23 §5162. Overdue bonds and coupons for record
23 §5163. Secured creditors become corporation and trustees shall convey to it
23 §5164. First meeting of new corporation; name; possession and use of mortgaged property
23 §5165. Vote to redeem prior mortgage and assessments
23 §5166. Sale of stock for nonpayment; rights of delinquent stockholders
23 §5167. Application of funds
23 §5168. Redemption of prior mortgages by junior mortgages
23 §5169. Meeting regarding redemption of prior mortgages; contribution
23 §5170. Anyone interested in subsequent mortgage may redeem
23 §5171. Delinquents pay proportion and rights restored; new corporation
23 §5172. Redemption by stockholders of old corporation
23 §5173. Noncontributors; notice; rights
23 §5174. Extension of redemption time after foreclosure commenced