Massachusetts General Laws ch. 160 sec. 55 – Purchaser under foreclosure
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Section 55. A purchaser of a railroad at a sale under a valid foreclosure of a legal mortgage thereof, and his successors in title, shall, relative to the construction, maintenance and operation of said railroad, be subject to all the duties, liabilities and restrictions, and have all the powers and rights, which the mortgagor was subject to and had at the time of said sale.
Terms Used In Massachusetts General Laws ch. 160 sec. 55
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.