Maine Revised Statutes Title 23 Sec. 5167 – Application of funds
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Terms Used In Maine Revised Statutes Title 23 Sec. 5167
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
The directors shall apply the money realized from the assessments solely to the redemption of the prior mortgage until it is fully paid and then all the property, rights and interests secured by the mortgage vest in the new corporation. [PL 1987, c. 141, Pt. A, §4 (NEW).]
SECTION HISTORY
PL 1987, c. 141, §A4 (NEW).