§5171. Delinquents pay proportion and rights restored; new corporation
When a prior mortgage has been redeemed in either mode, and all persons interested in the subsequent mortgage have not paid their proportions, the trustees shall publish a notice 10 weeks successively in the state paper, the first publication not to be until the right of redeeming the prior mortgage would have expired, that delinquents may pay the same to them or their agents, with 12% interest, within one year from the first publication of the notice. Any person so paying has the same rights as if he had paid originally and those not paying are barred. Money so paid shall be divided ratably to those who advanced the redemption money and they may become a new corporation and new certificates of stock or fractions of stock may be issued in the manner and with the rights, powers and obligations provided. [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