Maine Revised Statutes Title 33 Sec. 483 – Prohibited acts
Current as of: 2023 | Check for updates
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1. Bad faith avoidance. A person may not in bad faith attempt to avoid the application of this chapter including engaging in subterfuge or designing or structuring a transaction with the purpose of evading the provisions of this chapter.
[PL 2021, c. 350, §3 (NEW).]
Terms Used In Maine Revised Statutes Title 33 Sec. 483
- Contract: A legal written agreement that becomes binding when signed.
- 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
- Land installment contract: means an agreement under which the vendor agrees to sell an interest in property to the purchaser and the purchaser agrees to pay the purchase price in 5 or more subsequent payments exclusive of the down payment, if any, and the vendor retains title to the property as security for the purchaser's obligation under the agreement. See Maine Revised Statutes Title 33 Sec. 481
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Purchaser: means an individual who purchases property subject to a land installment contract, or any legal successor in interest to him, regardless of whether the individual has entered into an agreement as to extension, default or refund. See Maine Revised Statutes Title 33 Sec. 481
- 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
- Vendor: means a person who makes a sale of property by means of a land installment contract or his successor in interest. See Maine Revised Statutes Title 33 Sec. 481
2. Survival of foreclosure. A land installment contract may not require a purchaser to enter into a promissory note or any other financial instrument or obligation that survives the foreclosure of the purchaser’s interest in the real estate, or enforce any such obligation, unless:
A. The term of the promissory note does not exceed the term of the land installment contract; [PL 2021, c. 350, §3 (NEW).]
B. Payments of principal made during the term of the promissory note are credited to reduce the principal due on the note; and [PL 2021, c. 350, §3 (NEW).]
C. After obtaining a judgment for foreclosure and the expiration of the period of redemption set forth in Title 14, section 6203?F, the vendor conducts a sale in the same manner as required for a mortgagee in Title 14, section 6323 and complies with the provisions of Title 14, section 6324 except with the equity of redemption being 60 days. [PL 2021, c. 350, §3 (NEW).]
[PL 2021, c. 350, §3 (NEW).]
SECTION HISTORY
PL 2021, c. 350, §3 (NEW).