Mortgages in Maine
Contents
Overview
Mortgages are the only form of security instrument recognized in Maine. Commercial mortgages sometimes contain Power of Sale clauses.
Security Instruments
Mortgages
The only recognized form of Security Instrument in Maine is a Mortgage. Security Instruments with a fixed Date of Maturity are considered unenforceable if they have not been foreclosed within twenty (20) years of the Date of Maturity. If there is no fixed Date of Maturity, then Security Instruments without a fixed Date of Maturity are considered unenforceable if they have not been foreclosed within fifty (50) years of the Execution Date of the Security Instrument. This can be tolled with the recording of an extension agreement or any other document stating that the Security Instrument is still a valid lien.
Deeds of Trust
These are not permitted in Maine, but some Mortgages, primarily commercial, do have Power of Sale clauses that permit them to foreclosed non-judicially.
Satisfaction of Security Instruments
A Mortgage is usually satisfied with a recorded Discharge of Mortgage.
Purchase Money Security Instruments
Maine does not recognize the priority of Purchase Money Security Instruments.
