Maine Revised Statutes Title 23 Sec. 5156 – Trustees taking possession have corporate powers
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Terms Used In Maine Revised Statutes Title 23 Sec. 5156
- 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.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
If the bondholders so determine, the trustees shall take possession of the road and all other property covered by the mortgage and have all the rights and powers and be subject to all the obligations of the directors and corporation of the road and may prosecute and defend suits in their own name as trustees. [PL 1987, c. 141, Pt. A, §4 (NEW).]
SECTION HISTORY
PL 1987, c. 141, §A4 (NEW).