Section 36. Upon termination of the Agency’s existence, title to all lands or any interest therein, which immediately prior to said termination, is held by the Agency, and all mortgage and other titles, liens upon and security interests therein so held by the Agency in or upon lands or interests therein theretofore disposed of by the Agency, shall be, without further action be transferred to and shall be vested in the commonwealth and shall be under the control of the executive office for administration and finance. The secretary of administration and finance is hereby authorized to hold, protect, maintain, and use such lands, or any interest therein, as he deems necessary or desirable to facilitate disposition of such lands or any interest therein, and to dispose of such lands, or any interest therein, by sale, lease or otherwise. The proceeds of any disposition of such lands, or any interest therein, shall be paid into the treasury of the commonwealth and shall be used solely toward meeting the debt service obligations of the General Fund.

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Terms Used In Massachusetts General Laws ch. 23G sec. 36

  • Interests: includes any form of membership in a domestic or foreign nonprofit corporation. See Massachusetts General Laws ch. 156D sec. 11.01
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.