If a governmental unit defaults in the payment of interest on or principal of any municipal securities owned or held by the bank when due and payable by the governmental unit, the bank shall proceed to enforce payment under applicable provisions of law of the interest or principal or other amounts then due and payable.
Me. Rev. Stat. tit. 30-A, § 6017
Remedies on default of municipal securities
Known as the Maine Municipal Bond Bank Act
The act spans §§ 5901–6054 (62 sections).
PL 1987, c. 737, §§A2,C106 (NEW)
Official source: Maine Legislature. Reproduced from public-domain Maine statutes; confirm against the official source for the current text. Not legal advice.