LD 1932
pg. 5
Page 4 of 7 PUBLIC Law Chapter 572 Page 6 of 7
Download Chapter Text
LR 2960
Item 1

 
TERMS OF SALE:__(State the deposit amount to be
paid by the purchaser at the time and place of the
sale and the times for payment of the balance or
the whole, as the case may be. The time-share
estates, if more than one, must be sold in
individual lots unless there are no individual
bidders, in which case they may be sold as a
group.

 
Other terms to be announced at the sale.

 
Signed ........................

 
Holder of Mortgage or authorized agent.

 
(f)__The notice of sale in the forms described in
divisions (d) and (e), published in accordance
with the provisions of this section, together with
such other or further notice, if any, constitutes
sufficient notice of the sale.

 
(2)__The foreclosure sale must be conducted pursuant to
this subparagraph.

 
(a)__The foreclosure sale must take place on the
time-share property or some other location within
the same town as the time-share property.

 
(b)__The foreclosure sale must be by public
auction, conducted by an auctioneer or attorney
licensed to practice in the State.__At the
discretion of the auctioneer or attorney, the
reading of the names of the time-share owners, if
more than one, the description of time-share
estates, if more than one, and the recording
information, if more than one instrument, may be
dispensed with.

 
(c)__All rights of redemption of the time-share
owner are extinguished upon sale of a time-share
estate.

 
(d)__The managing entity, the foreclosing person or any time-
share owner may bid at the foreclosure sale.__The successful
buyer at the foreclosure sale takes title to the time-share
estate free and clear of any outstanding assessments owed by the
prior time-share owner to the managing entity.__A purchaser at a
sale is not required to complete the purchase if there are liens
and encumbrances, other than those included in the notice of
sale, that are not stated at the sale and included in


Page 4 of 7 Top of Page Page 6 of 7
Related Pages
  Search Bill Text Legislative Information
Bill Directory Search
Bill
Status
Session Information
119th Legislature Bills Maine Legislature

Office of Legislative Information
100 State House Station
Augusta, ME 04333
voice: (207) 287-1692
fax: (207) 287-1580
tty: (207) 287-6826
Word Viewer for Windows Disclaimer