§5167. Application of funds

Link to law: http://legislature.maine.gov/legis/statutes/23/title23sec5167.html
Published: 2015

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§5167. Application of funds






The directors shall apply the money realized from the assessments solely to the redemption
of the prior mortgage until it is fully paid and then all the property, rights and
interests secured by the mortgage vest in the new corporation. [1987, c. 141, Pt. A, §4 (NEW).]





SECTION HISTORY

1987, c. 141, §A4 (NEW).