Maine Revised Statutes Title 10 Sec. 1030 – Incontestability
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Maine Revised Statutes Title 10 Sec. 1030
- Authority: means the Finance Authority of Maine as established by this chapter. See Maine Revised Statutes Title 10 Sec. 963-A
- Contract: A legal written agreement that becomes binding when signed.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Fraud: Intentional deception resulting in injury to another.
- 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
Any loan insurance commitment or contract executed and delivered by the authority under this subchapter is conclusive evidence of the eligibility of the loan for insurance subject to satisfaction of any conditions set forth in the loan insurance contract or commitment and that the requirements of sections 1026?A and 1026?E have, to the extent determined applicable by the authority, been satisfied or made conditions of the loan insurance commitment or contract, and the validity of any loan insurance commitment or contract so executed and delivered is incontestable in the hands of an insured except for fraud or misrepresentation on the part of the insured. [PL 2003, c. 537, §44 (AMD); PL 2003, c. 537, §53 (AFF).]
SECTION HISTORY
PL 1981, c. 476, §2 (NEW). PL 1985, c. 344, §53 (AMD). PL 1987, c. 521, §10 (AMD). PL 1987, c. 846, §11 (AMD). PL 2003, c. 537, §44 (AMD). PL 2003, c. 537, §53 (AFF).