Section 107. The assurance fund shall not be liable for any loss, damage or deprivation occasioned by a breach of trust, whether express, implied or constructive, by any registered owner who is a trustee, or by the improper exercise of any power of sale in a mortgage, nor shall any plaintiff recover in contract as compensation under this chapter more than the fair market value of the land at the time when he suffered the loss, damage or deprivation thereof.

contract signature

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Terms Used In Massachusetts General Laws ch. 185 sec. 107

  • Contract: A legal written agreement that becomes binding when signed.
  • 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.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Plaintiff: The person who files the complaint in a civil lawsuit.
  • Trustee: A person or institution holding and administering property in trust.
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