2009 Maine Code
TITLE 35-A: PUBLIC UTILITIES (HEADING: PL 1987, c. 141, Pt. A, @6 (new))
Chapter 29: MAINE PUBLIC UTILITY FINANCING BANK ACT
35-A §2916. Exemption of property from execution sale; actions to set aside resolutions

Title 35-A: PUBLIC UTILITIES HEADING: PL 1987, C. 141, PT. A, §6 (NEW)

Part 2: PUBLIC UTILITIES HEADING: PL 1987, C. 141, PT. A, §6 (NEW)

Chapter 29: MAINE PUBLIC UTILITY FINANCING BANK ACT HEADING: PL 1987, C. 141, PT. A, §6 (NEW)

§2916. Exemption of property from execution sale; actions to set aside resolutions

1. Bank property exempt. All property of the bank is exempt from levy and sale by virtue of an execution and no execution or other judicial process may issue against the bank's property nor may any judgment against the bank be a charge or lien upon its property; provided that nothing contained in this chapter applies to or limits the rights of the holder of any bonds or notes to pursue any remedy for the enforcement of any pledge or lien given by the bank on its revenues or other money.

[ 1987, c. 141, Pt. A, §6 (NEW) .]

2. Action to set aside resolution. An action or proceeding in any court to set aside a resolution authorizing the issuance of bonds or notes by the bank under this chapter or to obtain any relief upon the ground that the resolution is invalid must be commenced within 30 days after the adoption of the resolution by the bank. After the expiration of the period of limitation, no right of action or defense founded upon the invalidity of the resolution or any of its provisions may be asserted nor may the validity of the resolution or any of its provisions be open to question in any court on any ground.

[ 1987, c. 141, Pt. A, §6 (NEW) .]

SECTION HISTORY

1987, c. 141, §A6 (NEW).