§2916. Exemption of property from execution sale; actions to set aside resolutions
1. Bank property exempt. All property of the bank is exempt from levy and sale by virtue of an execution and no execution or other judicial process may issue against the bank's property nor may any judgment against the bank be a charge or lien upon its property; provided that nothing contained in this chapter applies to or limits the rights of the holder of any bonds or notes to pursue any remedy for the enforcement of any pledge or lien given by the bank on its revenues or other money.
[PL 1987, c. 141, Pt. A, §6 (NEW).]
2. Action to set aside resolution. An action or proceeding in any court to set aside a resolution authorizing the issuance of bonds or notes by the bank under this chapter or to obtain any relief upon the ground that the resolution is invalid must be commenced within 30 days after the adoption of the resolution by the bank. After the expiration of the period of limitation, no right of action or defense founded upon the invalidity of the resolution or any of its provisions may be asserted nor may the validity of the resolution or any of its provisions be open to question in any court on any ground.
[PL 1987, c. 141, Pt. A, §6 (NEW).]
SECTION HISTORY
PL 1987, c. 141, §A6 (NEW).
Structure Maine Revised Statutes
Chapter 29: MAINE PUBLIC UTILITY FINANCING BANK ACT
35-A §2902. Findings and declaration of purpose
35-A §2904. Creation of bank and membership
35-A §2905. Lending and borrowing powers generally
35-A §2907. Prohibited acts and limitation of powers
35-A §2908. Bonds and notes of the bank
35-A §2909. Resolutions and indentures
35-A §2911. Reserves and funds
35-A §2912. Personal liability
35-A §2913. Purchase of bonds and notes of bank
35-A §2914. Bonds as legal investments and security
35-A §2916. Exemption of property from execution sale; actions to set aside resolutions
35-A §2917. Insurance or guaranty
35-A §2920. Undertakings of depositories
35-A §2921. Purchase of public utility securities
35-A §2922. Remedies on default of public utility securities
35-A §2923. Purchase of anticipation notes
35-A §2926. Agreements with financial institutions
35-A §2927. Form of public utility securities and investments