17-5809. All mortgages on one piece of property to be sold at same time.
17-5809
17-5809. All mortgages on one piece of property to be
sold at same time.
No association which holds a mortgage or other instrument securing a
debt which is a first lien upon real estate and which simultaneously
holds one or more additional mortgages or other instruments securing a
debt and constituting liens inferior to the first lien upon the same
real estate shall sell or otherwise dispose of any such mortgage or
other instrument, unless it shall simultaneously sell or otherwise
dispose of all mortgages or other instruments constituting inferior liens
upon the same real estate.
History: L. 1943, ch. 133, § 212; July 1.