Portland Savings Bank v. Landry

ARCHIBALD, Justice.

On October 1, 1975, an alternative procedure for the foreclosure of real estate mortgages became effective. P.L.1975, ch. 552, §§ 6321-25 (14 M.R.S.A. §§ 6321-25). The newly adopted act provided that such mortgages could be foreclosed by instituting a civil action in either the Superior or District Courts. 1 Section 6322 authorizes redemption “within 90 days of the date of the judgment” that a breach exists, establishing the amount of the arrearage, and authorizes the mortgagee to sell the property unless the debt is paid within ninety days. The act also requires the…