Municipalities must retain excess sale proceeds from foreclosed properties if former owners do not claim them.
This bill amends the laws regarding the retention of proceeds from municipal foreclosures in Maine. Under the current law, municipalities must transfer excess sale proceeds to the Unclaimed Property Fund if the former owner does not claim them. The proposed change requires municipalities to retain the excess sale proceeds if the former owner fails to claim them within a specified period after notification. This change aims to ensure that municipalities keep the excess proceeds instead of transferring them to the Unclaimed Property Fund.
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