Maine Revised Statutes Title 9-A Sec. 9-305 – Interest to be paid on funds held in escrow
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Terms Used In Maine Revised Statutes Title 9-A Sec. 9-305
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
- 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
A creditor, including any of its assignees, that enters into consumer credit transactions secured by a mortgage on real estate and which holds funds of a mortgagor in an escrow account for the payment of taxes or insurance premiums, either on its own behalf or on behalf of another mortgagee, shall pay interest on those funds in accordance with Title 9?B, section 429. [PL 1987, c. 396, §12 (NEW).]
SECTION HISTORY
PL 1987, c. 396, §12 (NEW).