1. Property exempt from execution. The property, including funds, of the authority is exempt from levy and sale by virtue of an execution. An execution or other judicial process may not be issued against the authority’s property, and a judgment against the authority may not be a charge or lien upon its property.

[PL 2005, c. 599, §1 (NEW).]

Terms Used In Maine Revised Statutes Title 5 Sec. 13083-P

  • Authority: means the Midcoast Regional Redevelopment Authority established in section 13083?G. See Maine Revised Statutes Title 5 Sec. 13083-H
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Municipality: includes cities, towns and plantations, except that "municipality" does not include plantations in Title 10, chapter 110, subchapter IV; or Title 30?A, Part 2. See Maine Revised Statutes Title 1 Sec. 72
2. Construction; limitation of application. This section does not:
A. Prohibit the authority from making payments in lieu of taxes to the municipality; or [PL 2005, c. 599, §1 (NEW).]
B. Apply to or limit the right of an obligee to foreclose or otherwise enforce a mortgage of the authority or to pursue remedies for the enforcement of a pledge or lien given by the authority on its rents, fees, grants, revenues or other sources pledged by the authority to the payment of its bonds. [PL 2009, c. 641, §5 (AMD).]

[PL 2009, c. 641, §5 (AMD).]

SECTION HISTORY

PL 2005, c. 599, §1 (NEW). PL 2009, c. 641, §5 (AMD).
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