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§ 14-507. Possession, sale, or transfer of interest in property

West's Annotated Code of MarylandReal PropertyEffective: October 1, 2010

West's Annotated Code of Maryland
Real Property (Refs & Annos)
Title 14. Miscellaneous Rules (Refs & Annos)
Subtitle 5. Affordable Housing Land Trusts (Refs & Annos)
Effective: October 1, 2010
MD Code, Real Property, § 14-507
§ 14-507. Possession, sale, or transfer of interest in property
Currentness
An affordable housing land trust agreement may authorize the affordable housing land trust to take possession of the property and any improvements and sell or transfer the specified interest in the property if:
(1) A condition defined in the affordable housing land trust agreement authorizing the action is met;
(2) The sale is made under Title 14, Chapter 300 of the Maryland Rules;
(3) The owner of the interest in the property retains the right to any proceeds of a sale as set forth in the affordable housing land trust agreement; and
(4) The right of the owner to the proceeds has precedence over any claim by the affordable housing land trust to the proceeds of the sale.

Credits

Added by Acts 2010, c. 609, § 1, eff. Oct. 1, 2010; Acts 2010, c. 610, § 1, eff. Oct. 1, 2010.
MD Code, Real Property, § 14-507, MD REAL PROP § 14-507
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.
End of Document