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§ 7-105. Sales upon default; in general

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
§ 7-105. Sales upon default; in general
Currentness
Individual defined
(a) In this section, “individual” means a natural person.
Power of sale or assent to decree for sale
(b)(1) A mortgage or deed of trust may authorize the sale of the property or declare the borrower's assent to the passing of a decree for the sale of the property, on default in a condition on which the mortgage or deed of trust provides that a sale may be made.
(2) A power of sale or assent to decree authorized in a mortgage or deed of trust may be exercised only by an individual.
(3) The individual selling the property under a power of sale need not be named in the mortgage or deed of trust.
(4) An error or omission in a mortgage or deed of trust concerning the designation of the trustee or the individual authorized to exercise a power of sale does not invalidate the instrument or the ability of the mortgagee or beneficiary of the deed of trust to appoint an individual to exercise the power of sale.
(5) If a mortgage or deed of trust allows for the appointment or substitution of a trustee or an individual authorized to exercise a power of sale, the holder of the mortgage or deed of trust may make the appointments or substitutions from time to time.
Effect of foreclosure on title
(c) A sale made pursuant to this section, §§ 7-105.1 through 7-105.10 of this subtitle, or the Maryland Rules, after final ratification by the court and grant of the property to the purchaser on payment of the purchase money, has the same effect as if the sale and grant were made under decree between the proper parties in relation to the mortgage or deed of trust and in the usual course of the court, and operates to pass all the title which the borrower had in the property at the time of the recording of the mortgage or deed of trust.

Credits

Added by Acts 1974, c. 12, § 2, eff. July 1, 1974. Amended by Acts 1976, c. 272; Acts 1980, c. 436; Acts 1980, c. 538; Acts 1980, c. 565; Acts 1981, c. 290; Acts 1983, c. 563; Acts 1983, c. 602; Acts 1985, c. 361; Acts 1985, c. 656; Acts 1992, c. 625; Acts 1993, c. 113; Acts 1995, c. 580, § 1, eff. Oct. 1, 1995; Acts 1996, c. 364, § 1, eff. Oct. 1, 1996; Acts 1998, c. 21, § 1, eff. April 14, 1998; Acts 2005, c. 509, § 1, May 26, 2005; Acts 2008, c. 1, § 1, eff. April 3, 2008; Acts 2008, c. 2, § 1, eff. April 3, 2008; Acts 2010, c. 322, § 1, eff. June 1, 2010; Acts 2010, c. 323, § 1, eff. June 1, 2010; Acts 2019, c. 93, § 2, eff. Oct. 1, 2019.
Formerly Art. 21, § 7-105.
MD Code, Real Property, § 7-105, MD REAL PROP § 7-105
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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