Maine Revised Statutes Title 10 Sec. 1029 – Insurance of subchapter 3 loans
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1. Eligible for insurance. All payments required under a mortgage, a loan agreement or related documents for a project financed by revenue obligation securities issued pursuant to subchapter 3, including revenue obligation securities that provide full or partial financing for more than one project, are eligible for insurance to the extent permitted under this subchapter.
[PL 2003, c. 537, §43 (AMD); PL 2003, c. 537, §53 (AFF).]
Terms Used In Maine Revised Statutes Title 10 Sec. 1029
- Authority: means the Finance Authority of Maine as established by this chapter. See Maine Revised Statutes Title 10 Sec. 963-A
- Bond: means revenue obligation security. See Maine Revised Statutes Title 10 Sec. 963-A
- Contract: A legal written agreement that becomes binding when signed.
- facility: means any aboveground oil storage tank or tanks, together with associated piping, and transfer and dispensing facilities located over land or water of the State at a single location for more than 4 months per year and used or intended to be used for the storage or supply of oil. See Maine Revised Statutes Title 10 Sec. 963-A
- Insured: means any individual, partnership, corporation, association or other entity which is the beneficiary of a loan insurance agreement with the authority. See Maine Revised Statutes Title 10 Sec. 963-A
- Loan: means an extension of credit made in consideration of a written promise of repayment or any other conditions that may be established by the authority, performance of which may be secured by mortgage. See Maine Revised Statutes Title 10 Sec. 963-A
- Mortgage: means an agreement granting a lien upon or a security interest in eligible collateral upon certain conditions and includes, but is not limited to, a mortgage of real estate, an assignment of rents, a pledge or a security agreement. See Maine Revised Statutes Title 10 Sec. 963-A
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Note: means an evidence of indebtedness and includes a revenue obligation security. See Maine Revised Statutes Title 10 Sec. 963-A
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Project: means any eligible project. See Maine Revised Statutes Title 10 Sec. 963-A
- Trustee: A person or institution holding and administering property in trust.
2. Insurance payment. In any case when the authority becomes obligated by contract or other agreement to make an insurance payment with respect to any insured mortgage or other agreement issued with respect to insured subchapter 3 loans, the authority shall:
A. Make the payment at the time and in the manner provided by the applicable contract or agreement, charging the payment to the Mortgage Insurance Fund, Loan Insurance Reserve Fund or, in the case of payments required under agreements issued for aboveground and underground storage facility replacement projects, to the Underground Oil Storage Replacement Fund; [PL 2003, c. 537, §43 (AMD); PL 2003, c. 537, §53 (AFF).]
B. [PL 1985, c. 714, §27 (RP).]
C. [PL 1985, c. 714, §27 (RP).]
D. Take all reasonable steps to enforce the payment of amounts due from the mortgagor. [PL 1985, c. 714, §27 (AMD).]
E. [PL 1985, c. 714, §27 (RP).]
The trustee for any bond or note issued in anticipation of the bond or, if there is no trustee, the holder of any bond or note has the right to bring suit against the authority for payment in accordance with the contract or other agreement executed by the authority.
[PL 2003, c. 537, §43 (AMD); PL 2003, c. 537, §53 (AFF).]
SECTION HISTORY
PL 1981, c. 476, §2 (NEW). PL 1985, c. 344, §52 (AMD). PL 1985, c. 714, §27 (AMD). PL 1987, c. 521, §9 (AMD). PL 1987, c. 846, §10 (AMD). PL 2003, c. 537, §43 (AMD). PL 2003, c. 537, §53 (AFF).