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§ 7-105.17. Motion for deficiency judgment if proceeds of sale are insufficient to satisfy debt...

West's Annotated Code of MarylandReal PropertyEffective: October 1, 2019

West's Annotated Code of Maryland
Real Property (Refs & Annos)
Title 7. Mortgages, Deeds of Trust, and Vendor's Liens (Refs & Annos)
Subtitle 1. Mortgages and Deeds of Trust (Refs & Annos)
Effective: October 1, 2019
MD Code, Real Property, § 7-105.17
Formerly cited as MD REAL PROP § 7-105.13
§ 7-105.17. Motion for deficiency judgment if proceeds of sale are insufficient to satisfy debt and interest
Definitions
(a)(1) In this section the following words have the meanings indicated.
(2) “Owner-occupied residential property” has the meaning stated in § 7-105.1 of this subtitle.
(3) “Residential property” has the meaning stated in § 7-105.1 of this subtitle.
Application of section
(b) This section applies to residential property that was owner-occupied residential property at the time an order to docket or complaint to foreclose was filed.
Motion for deficiency judgment if proceeds of sale are insufficient to satisfy debt and interest
(c) After the final ratification of the auditor's report following a sale made in accordance with §§ 7-105.1 through 7-105.10 of this subtitle or the Maryland Rules, a secured party or an appropriate party in interest may file a motion for a deficiency judgment if the proceeds of the sale, after deducting all costs and expenses allowed by the court, are insufficient to satisfy the debt and accrued interest.
Limitations
(d) A motion for deficiency judgment under this section shall be filed within 3 years after the final ratification of the auditor's report.
Service of motion in accordance with Maryland Rules
(e) The secured party or party in interest shall serve the motion in accordance with the Maryland Rules.
Sole post-ratification remedy
(f) The filing of a motion for deficiency judgment in accordance with this section and the Maryland Rules shall constitute the sole post-ratification remedy available to a secured party or party in interest for breach of a covenant contained in a deed of trust, mortgage, or promissory note that secures or is secured by owner-occupied residential property.

Credits

Added as Real Property § 7-105.13 by Acts 2014, c. 592, § 2, eff. July 1, 2014. Renumbered as Real Property § 7-105.17 by Acts 2019, c. 93, § 1, eff. Oct. 1, 2019. Amended by Acts 2019, c. 93, § 2, eff. Oct. 1, 2019.
MD Code, Real Property, § 7-105.17, MD REAL PROP § 7-105.17
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document