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A. |
Authority for administration of lien-acquired property is delegated to the General Manager, who shall evaluate each property to determine its best use, and recommend to the Board the specific disposition that is in the best interests of the District. |
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B. |
Unless indicated otherwise by specific circumstances, the District shall refrain from active management or use of the acquired property during the period when prior occupancy continues. If the Board of Trustees, in its sole discretion, deems that circumstances warrant, the District may take possession of the property at any time following foreclosure, to the exclusion of continued occupancy by occupants of the property at the time of lien ripening. |
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C. |
Given the risk of loss or damage to the lien-acquired property, appropriate kinds and amounts of insurance coverage on the property will be obtained to protect District interests against these risks. The District shall not be obligated in any way to protect the interest in the lien-acquired property of any other party. |
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D. |
The General Manager shall cause to be prepared a statement of all charges owed to the District by the former property owner for any property served by the District. The statement, which will include charges stated in the lien as well as fees, charges, penalties, and costs of all actions taken by the District in its efforts to collect the amounts owed, will be sent to the former property owner. |
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E. |
The District may, in its sole discretion, provide notice by certified mail to the former property owner, any mortgage holder(s), other lien creditors, and secured parties, that title to the property has shifted to the District as a result of the ripening of its lien. The notice will include a statement of all charges owed to the District, a statement that future costs may be incurred, and the District may, in its sole discretion, request that the former property owner present a written agreement to purchase the property. |
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F. |
In the event the former property owner fails to provide an acceptable agreement or fails to perform in accordance with the agreement, the General Manager shall request and the Board shall make final determination on disposition of the property. |
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1. |
The property may be referred to attorneys for the District, directing that the property be liquidated to recover amounts owed, in accordance with all requirements for a public sale. |
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2. |
Referral for liquidation is made specifically with the intent that the property will be sold to recover all amounts owed to the District and to such other creditors as may, according to Maine law, be entitled to satisfaction out of the sale. |
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3. |
The District may provide, by certified mail, notice to the former property owner, any mortgage holder(s), other lien creditors, and secured parties, that the property has been referred for liquidation to recover amounts owed. Contact information for the attorneys to whom the referral has been made shall also be provided. |
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4. |
Property liquidation specialists may be engaged, if it is in the best interests of the District to do so. |
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5. |
Liquidation shall not involve participation by the District in any installment payment plan for the benefit of others. The District shall not finance an acquisition by others at liquidation. |
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6. |
If sold, some or all of the proceeds of the sale of the property that are in excess of all amounts payable to the District and by Maine law to other creditors, may, in the sole discretion of the Board of Trustees, be refunded to the former property owner or other parties formerly holding secured interest in the property not previously met. |
