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| Home > Statutes > Usa Maine |
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USA Statutes : maine
Title : Title 10. COMMERCE AND TRADE
Chapter : chapter 3 loans
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Title 10 - §1029. Insurance of subchapter 3 loans
Title 10: COMMERCE AND TRADE
Part 2: BUILDING AND DEVELOPMENT
Chapter 110: FINANCE AUTHORITY OF MAINE
Subchapter 2: MORTGAGE INSURANCE PROGRAMS
§1029. Insurance of subchapter 3 loans
1. Eligible for insurance. All payments required under a mortgage, a loan agreement or related documents for a project financed by revenue obligation
securities issued pursuant to subchapter 3, including revenue obligation securities that provide full or partial financing
for more than one project, are eligible for insurance to the extent permitted under this subchapter.
[2003, c. 537, §43 (amd); §53 (aff).]
2. Insurance payment. In any case when the authority becomes obligated by contract or other agreement to make an insurance payment with respect
to any insured mortgage or other agreement issued with respect to insured subchapter 3 loans, the authority shall:
A. Make the payment at the time and in the manner provided by the applicable contract or agreement, charging the payment to
the Mortgage Insurance Fund, Loan Insurance Reserve Fund or, in the case of payments required under agreements issued for
aboveground and underground storage facility replacement projects, to the Underground Oil Storage Replacement Fund;
[2003, c. 537, §43 (amd); §53 (aff).]
B.
[1985, c. 714, §27 (rp).]
C.
[1985, c. 714, §27 (rp).]
D. Take all reasonable steps to enforce the payment of amounts due from the mortgagor.
[1985, c. 714, §27 (amd).]
E.
[1985, c. 714, §27 (rp).]
The trustee for any bond or note issued in anticipation of the bond or, if there is no trustee, the holder of any bond or
note has the right to bring suit against the authority for payment in accordance with the contract or other agreement executed
by the authority.
[2003, c. 537, §43 (amd); §53 (aff).]
Section History:
PL 1981,
Ch. 476,
§2
(NEW).
PL 1985,
Ch. 344,
§52
(AMD).
PL 1985,
Ch. 714,
§27
(AMD).
PL 1987,
Ch. 521,
§9
(AMD).
PL 1987,
Ch. 846,
§10
(AMD).
PL 2003,
Ch. 537,
§43
(AMD).
PL 2003,
Ch. 537,
§53
(AFF).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
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