Maine Revised Statutes Title 30-A Sec. 4901 – Purchase and sale of mortgage loans
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Terms Used In Maine Revised Statutes Title 30-A Sec. 4901
- Fiduciary: A trustee, executor, or administrator.
- Financial institution: means any bank or trust company, savings bank, savings and loan association, industrial bank, national banking association, federal savings and loan association, mortgage banker, credit union or other such institution authorized to do business in the State, or a government agency which customarily provides service or otherwise aids in the financing of mortgage loans. See Maine Revised Statutes Title 30-A Sec. 4702
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- mortgage: means :
A. See Maine Revised Statutes Title 30-A Sec. 4702Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC Person: means an individual, corporation, partnership, firm, organization or other legal entity. See Maine Revised Statutes Title 30-A Sec. 2001
An authority may purchase or make commitments to purchase mortgage loans from any financial institution, pension or retirement fund, any fiduciary or any other person or governmental or business entity. An authority may also sell or make commitments to sell mortgage loans to any pension or retirement fund, any fiduciary or any other person, governmental or business entity or financial institution. An authority may exercise all rights and powers of a holder of any such mortgage loan. [PL 1987, c. 737, Pt. A, §2 (NEW); PL 1987, c. 737, Pt. C, §106 (NEW); PL 1989, c. 6 (AMD); PL 1989, c. 9, §2 (AMD); PL 1989, c. 104, Pt. C, §§8, 10 (AMD).]
SECTION HISTORY
PL 1987, c. 737, §§A2,C106 (NEW). PL 1989, c. 6 (AMD). PL 1989, c. 9, §2 (AMD). PL 1989, c. 104, §§C8,10 (AMD).