{"data":{"id":"us-me/33-m.r.s.-483","jurisdiction":"us-me","citation":"33 M.R.S. §483","heading":"Prohibited acts","body":"1.  Bad faith avoidance.  A person may not in bad faith attempt to avoid the application of this chapter including engaging in subterfuge or designing or structuring a transaction with the purpose of evading the provisions of this chapter.\n2.  Survival of foreclosure.  A land installment contract may not require a purchaser to enter into a promissory note or any other financial instrument or obligation that survives the foreclosure of the purchaser's interest in the real estate, or enforce any such obligation, unless:\nA.  The term of the promissory note does not exceed the term of the land installment contract;\nB.  Payments of principal made during the term of the promissory note are credited to reduce the principal due on the note; and\nC.  After obtaining a judgment for foreclosure and the expiration of the period of redemption set forth in Title 14, section 6203‑F, the vendor conducts a sale in the same manner as required for a mortgagee in Title 14, section 6323 and complies with the provisions of Title 14, section 6324 except with the equity of redemption being 60 days.","path":["TITLE 33: PROPERTY","CHAPTER 8: LAND INSTALLMENT CONTRACTS"],"source_url":"https://legislature.maine.gov/statutes/33/title33sec483.html","current_through":"October 1, 2025","vintage":"","retrieved_at":"2026-09-04T15:12:39Z","sha256":"28dd05e9bac39f9cb9608e7fe3b927946e59e12021823058c5b3c4914fd1c9e1","source_id":"us-me","stale":false,"prev":"us-me/33-m.r.s.-482","next":"us-me/33-m.r.s.-501"},"notice":"GroundRules: Original legal text. Not legal advice."}