Maine Revised Statutes Title 36 Sec. 554 – Mortgaged real estate; taxes; payment
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Terms Used In Maine Revised Statutes Title 36 Sec. 554
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagee: shall be construed to include the heirs and assigns of the mortgagee. See Maine Revised Statutes Title 36 Sec. 501
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
- Real estate: includes lands and all tenements and hereditaments connected therewith, and all rights thereto and interests therein. See Maine Revised Statutes Title 1 Sec. 72
In cases of mortgaged real estate, the mortgagor, for the purposes of taxation, shall be deemed the owner, until the mortgagee takes possession, after which the mortgagee shall be deemed the owner. Any mortgagee of real estate, on which any taxes remain unpaid for a period of 8 months after the taxes are assessed, may pay such taxes, and the amount so paid together with interest and costs thereon shall become a part of the mortgage debt and shall bear interest at the same rate as the lowest rate of interest provided for in any of the notes secured by any mortgage on that real estate held by such mortgagee.