Maine § 23 §5168 Redemption of prior mortgages by junior mortgages

Maine Statutes

§ 23 §5168 — Redemption of prior mortgages by junior mortgages

Maine § 23 §5168

Title 23TRANSPORTATION

Part 7RAILROADS

Ch. 605MANAGEMENT AND OPERATION

This text of Maine § 23 §5168 (Redemption of prior mortgages by junior mortgages) is published on Counsel Stack Legal Research, covering Maine primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Me. Rev. Stat. tit. 23, § 23 §5168 (2026).

Text

When a subsequent mortgage of a railroad, its franchise or any part of its other property contains no provision for a sale, or contains a conditional provision depending on the application of a majority in amount of the claims secured thereby and no such application has been made to the trustees, the holder of the mortgage may redeem a prior mortgage on the same property which is under process of foreclosure at any time before it becomes absolute and hold it in trust for those who contributed thereto in proportion to the amount paid by each.

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When a subsequent mortgage of a railroad, its franchise or any part of its other property contains no provision for a sale, or contains a conditional provision depending on the application of a majority in amount of the claims secured thereby and no such application has been made to the trustees, the holder of the mortgage may redeem a prior mortgage on the same property which is under process of foreclosure at any time before it becomes absolute and hold it in trust for those who contributed thereto in proportion to the amount paid by each.