Maine Revised Statutes Title 10 Sec. 1386 – Cessation of enforcement actions
Current as of: 2023 | Check for updates
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A facility owner shall cease enforcement actions immediately if: [PL 1993, c. 263, §1 (NEW).]
1. Payment by owner. The property owner pays the facility owner the full amount necessary to satisfy the lien. At any time before the conclusion of a sale conducted under this chapter, the property owner may redeem the property by paying the full amount necessary to satisfy the lien; or
[PL 1993, c. 263, §1 (NEW).]
Terms Used In Maine Revised Statutes Title 10 Sec. 1386
- Facility: means a marina, boatyard or marine repair facility that provides, as part of its commercial operation, the storage of boats, boat motors or boat trailers. See Maine Revised Statutes Title 10 Sec. 1382
- Lien: A claim against real or personal property in satisfaction of a debt.
- lienholder of record: means a person who claims an interest in or lien on the property pursuant to a financing statement filed with the Secretary of State or other public filing. See Maine Revised Statutes Title 10 Sec. 1382
- Property: means a boat, boat motor or boat trailer in storage at a facility. See Maine Revised Statutes Title 10 Sec. 1382
2. Payment by other lienholders. A person other than the facility owner who has a lien on the property pays the facility owner the full amount necessary to satisfy the lien held by the facility owner. Upon payment by a lienholder of record, the facility owner shall hold the property for the benefit of and at the direction of that lienholder and may not deliver possession of the property to the property owner. Unless the facility owner and the lienholder enter into a new storage agreement, the lienholder shall arrange removal of the property from the facility.
[PL 1993, c. 263, §1 (NEW).]
SECTION HISTORY
PL 1993, c. 263, §1 (NEW).