Maine Revised Statutes > Title 32 > Chapter 80-B – Foreclosure Purchasers
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Terms Used In Maine Revised Statutes > Title 32 > Chapter 80-B - Foreclosure Purchasers
- Administrator: means the Superintendent of Consumer Credit Protection within the Department of Professional and Financial Regulation, except that "administrator" means the Superintendent of Financial Institutions with regard to a supervised financial organization as defined in Title 9?A, section 1?301, subsection 38?A. See Maine Revised Statutes Title 32 Sec. 6192
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Annual percentage rate: The cost of credit at a yearly rate. It is calculated in a standard way, taking the average compound interest rate over the term of the loan so borrowers can compare loans. Lenders are required by law to disclose a card account's APR. Source: FDIC
- Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
- Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
- Appraisal: A determination of property value.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- Bail: Security given for the release of a criminal defendant or witness from legal custody (usually in the form of money) to secure his/her appearance on the day and time appointed.
- Bona fide purchaser: means any person acting in good faith who:
A. See Maine Revised Statutes Title 32 Sec. 6192Bus: means a motor vehicle designed for carrying more than 15 persons, including the operator. See Maine Revised Statutes Title 29-A Sec. 101 Commercial motor vehicle: means a motor vehicle or combination of motor vehicles used in commerce to transport passengers or property if the motor vehicle:
A. See Maine Revised Statutes Title 29-A Sec. 101Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant. Consideration: means any payment or thing of value provided to the foreclosed homeowner, including payment of or forgiveness of unpaid rent or contract for deed, land installment contract or bond for deed payments owed by the foreclosed homeowner prior to the date of eviction or voluntary relinquishment of the property, reasonable costs paid to 3rd parties necessary to complete the foreclosure reconveyance transaction, payment of money to satisfy a debt or legal obligation of the foreclosed homeowner or the reasonable cost of repairs for damage to the dwelling caused by the foreclosed homeowner. See Maine Revised Statutes Title 32 Sec. 6192 Continuance: Putting off of a hearing ot trial until a later time. Conviction: A judgement of guilt against a criminal defendant. Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries. Deed: The legal instrument used to transfer title in real property from one person to another. Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other. Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller. Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006. Foreclosed homeowner: means an owner of residential real property, including a condominium, that is the primary residence of the owner and whose mortgage on the real property is or was in foreclosure. See Maine Revised Statutes Title 32 Sec. 6192 Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC Foreclosure purchaser: means a person acting as the acquirer in a foreclosure reconveyance. See Maine Revised Statutes Title 32 Sec. 6192 Foreclosure reconveyance: means a transaction involving:
A. See Maine Revised Statutes Title 32 Sec. 6192Fraud: Intentional deception resulting in injury to another. highway: means a public way. See Maine Revised Statutes Title 29-A Sec. 101 interest: includes , but is not limited to, an interest in a contract for deed, a land installment contract, a bond for deed, a purchase agreement, an option to purchase or a lease. See Maine Revised Statutes Title 32 Sec. 6192 Law enforcement officer: means a person who by virtue of public employment is vested by law with a duty to maintain public order or to make arrests for crimes, whether that duty extends to all crimes or is limited to specific crimes. See Maine Revised Statutes Title 29-A Sec. 101 Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity. License: includes , but is not limited to, a nonresident operating privilege and the privilege of a person to apply for or obtain a license or permit to operate a motor vehicle. See Maine Revised Statutes Title 29-A Sec. 101 Motor carrier: means a contract carrier, a common carrier or a private carrier of property or passengers by motor vehicle. See Maine Revised Statutes Title 29-A Sec. 101 Motor vehicle: means a self-propelled vehicle not operated exclusively on railroad tracks, but does not include:
A. See Maine Revised Statutes Title 29-A Sec. 101Municipal officers: means the mayor and municipal officers or councilors of a city, the members of the select board or councilors of a town and the assessors of a plantation. See Maine Revised Statutes Title 1 Sec. 72 Municipality: includes cities, towns and plantations, except that "municipality" does not include plantations in Title 10, chapter 110, subchapter IV; or Title 30?A, Part 2. See Maine Revised Statutes Title 1 Sec. 72 Operator: means an individual who drives or is in control of a vehicle or who is exercising control over or steering a towed vehicle. See Maine Revised Statutes Title 29-A Sec. 101 Person: means an individual, corporation, firm, partnership, joint venture, association, fiduciary, trust, estate or any other legal or commercial entity. See Maine Revised Statutes Title 29-A Sec. 101 Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court. Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way. Real estate: includes lands and all tenements and hereditaments connected therewith, and all rights thereto and interests therein. See Maine Revised Statutes Title 1 Sec. 72 Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land. Registration: means the registration certificate, plates and renewal devices pertaining to the registration of a vehicle, including temporary registered gross weight increases. See Maine Revised Statutes Title 29-A Sec. 101 Resale: means a bona fide market sale of a property subject to a foreclosure reconveyance by a foreclosure purchaser to an unaffiliated 3rd party. See Maine Revised Statutes Title 32 Sec. 6192 Resale price: means the gross sale price of a property upon resale. See Maine Revised Statutes Title 32 Sec. 6192 Residence in foreclosure: means residential real property consisting of one- to 4-family dwelling units, one of which the owner occupies as the owner's principal place of residence, when there is a delinquency or default on any loan payment or debt secured by or attached to the residential real property, including, but not limited to, a contract for deed, land installment contract or bond for deed, land installment contract or bond for deed payments. See Maine Revised Statutes Title 32 Sec. 6192 Right of rescission: Right to cancel, within three business days, a contract that uses the home of a person as collateral, except in the case of a first mortgage loan. There is no fee to the borrower, who receives a full refund of all fees paid. The right of rescission is guaranteed by the Truth in Lending Act (TILA). Source: OCC Service of process: The service of writs or summonses to the appropriate party. Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims. Statute: A law passed by a legislature. Traffic: means pedestrians, ridden or herded animals, vehicles, bicycles and other conveyances either singly or together using public way for travel. See Maine Revised Statutes Title 29-A Sec. 101 Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on Source: OCC Vehicle: means a device for conveyance of persons or property on a way. See Maine Revised Statutes Title 29-A Sec. 101 Writ: A formal written command, issued from the court, requiring the performance of a specific act.