New Hampshire Revised Statutes 299:4 – Foreclosure Sales; Franchises
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Terms Used In New Hampshire Revised Statutes 299:4
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- 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.
- state: when applied to different parts of the United States, may extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall include said district and territories. See New Hampshire Revised Statutes 21:4
The foreclosure of a mortgage of any corporation organized under the laws of this state shall inure to the benefit of the holders of bonds, coupons and other claims secured thereby, and whenever the franchises of the corporation are included in the mortgage with power of sale and foreclosure is made by decree of court, and the property, rights and franchises are sold thereunder, the purchasers of the property, rights and franchises of such corporation, their successors and assigns, shall be a corporation as of the date of foreclosure for all purposes, and they are vested with all the rights, powers, privileges, duties and liabilities of the original corporation under its charter or the general law.