Maine Revised Statutes Title 35-A Sec. 2916 – Exemption of property from execution sale; actions to set aside resolutions
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1. Bank property exempt. All property of the bank is exempt from levy and sale by virtue of an execution and no execution or other judicial process may issue against the bank’s property nor may any judgment against the bank be a charge or lien upon its property; provided that nothing contained in this chapter applies to or limits the rights of the holder of any bonds or notes to pursue any remedy for the enforcement of any pledge or lien given by the bank on its revenues or other money.
[PL 1987, c. 141, Pt. A, §6 (NEW).]
Terms Used In Maine Revised Statutes Title 35-A Sec. 2916
- Bank: means the Maine Public Utility Financing Bank created by this chapter. See Maine Revised Statutes Title 35-A Sec. 2903
- Bonds: means bonds of the bank issued pursuant to this chapter. See Maine Revised Statutes Title 35-A Sec. 2903
- Chapter: means the Maine Public Utility Financing Bank Act. See Maine Revised Statutes Title 35-A Sec. 2903
- Lien: A claim against real or personal property in satisfaction of a debt.
- Notes: means any notes of the bank issued pursuant to this chapter. See Maine Revised Statutes Title 35-A Sec. 2903
- Revenues: means all fees, charges, money, profits, payments of principal of or interest on utility bonds and other investments, gifts, grants, contributions, appropriations and all other income derived or to be derived by the bank under this chapter. See Maine Revised Statutes Title 35-A Sec. 2903
2. Action to set aside resolution. An action or proceeding in any court to set aside a resolution authorizing the issuance of bonds or notes by the bank under this chapter or to obtain any relief upon the ground that the resolution is invalid must be commenced within 30 days after the adoption of the resolution by the bank. After the expiration of the period of limitation, no right of action or defense founded upon the invalidity of the resolution or any of its provisions may be asserted nor may the validity of the resolution or any of its provisions be open to question in any court on any ground.
[PL 1987, c. 141, Pt. A, §6 (NEW).]
SECTION HISTORY
PL 1987, c. 141, §A6 (NEW).