GroundRules
23 M.R.S. §5167: Application of funds
Where this section sits in the code
- TITLE 23: TRANSPORTATION
- PART 7: RAILROADS
- CHAPTER 605: MANAGEMENT AND OPERATION
- SUBCHAPTER 4: FORECLOSURE AND REDEMPTION OF MORTGAGES
The directors shall apply the money realized from the assessments solely to the redemption of the prior mortgage until it is fully paid and then all the property, rights and interests secured by the mortgage vest in the new corporation.
Collected 2026-09-04T15:12:32Z. Source file · JSON