Massachusetts General Laws ch. 223 sec. 74 – Mortgaged or sold under conditional sales contract
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Section 74. Personal property of a debtor which is subject to a mortgage, pledge or lien, and of which he has the right of redemption, or personal property sold under a contract of conditional sale reserving title in the vendor, may be attached and held as if it were unencumbered, if the attaching creditor pays or tenders to the mortgagee, pledgee, lienor, conditional vendor, or his assigns, the amount for which the property is so liable within ten days after demand as hereinafter provided.
Terms Used In Massachusetts General Laws ch. 223 sec. 74
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Personal property: All property that is not real property.