33 §501-A. "Power of sale" in corporate mortgage

Title 33: PROPERTY

Chapter 9: MORTGAGES OF REAL PROPERTY

Subchapter 1: GENERAL PROVISIONS

§501-A. "Power of sale" in corporate mortgage

The following "power" is known as "The Statutory Power of Sale" and may be included in any mortgage or incorporated by reference in any mortgage granted by a corporation, partnership, including a limited partnership, limited liability company or trustee of a trust. The power of sale may not be used to foreclose a mortgage deed granted by a trustee of a trust if at the time the mortgage deed is given the real estate is used exclusively for residential purposes, the real estate has 4 or fewer residential units and one of the units is the principal residence of the owner of at least 1/2 of the beneficial interest in the trust. If the mortgage deed contains a statement that at the time the mortgage deed is given the real estate encumbered by the mortgage deed is not used exclusively for residential purposes, that the real estate has more than 4 residential units or that none of the residential units is the principal residence of the owner of at least 1/2 of the beneficial interest in the trust, the statement conclusively establishes these facts and the mortgage deed may be foreclosed by the power of sale. [1995, c. 106, §2 (AMD).]

POWER

But upon any default in the performance or the observance of the foregoing or other condition, the mortgagee or his executors, administrators, successors or assigns, his or their agent or attorney, may sell the mortgaged premises or such portion thereof as may remain subject to the mortgage in case of any partial release thereof, either as a whole or in parcels, together with all improvements that may be thereon, by a public sale on or near the premises then subject to the mortgage, or, if more than one parcel is then subject thereto, then on or near one of said parcels, or at such place as may be designated for the purpose in the mortgage, first complying with the terms of the mortgage and the statutes relating to the foreclosure of mortgage by the exercise of a power of sale, and he or they may convey the same by proper deed or deeds to the purchaser or purchasers absolutely and in fee simple; and such sale shall forever bar the mortgagor and all persons claiming under it from all right and interest in the mortgaged premises, whether at law or in equity. [1967, c. 424, §4 (NEW).]

SECTION HISTORY

1967, c. 424, §4 (NEW). 1991, c. 134, §3 (AMD). 1991, c. 768, §§3,4 (AMD). 1993, c. 277, §§3,4 (AMD). 1993, c. 277, §5 (AFF). 1995, c. 106, §2 (AMD).