37.1106 Notice to mortgage creditors.

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(a) Whenever a mortgage creditor having a mortgage lien on certain premises desires notice that another mortgage creditor having a mortgage lien on the same premises intends to foreclose the mortgage and sell the mortgaged property under a power of sale under 37.1105, he may submit a written request to the mortgagee foreclosing or who may foreclose the mortgage by power of sale, to receive notice of the mortgagee’s intention to foreclose the mortgage under power of sale. This request for notice may be submitted any time after the recordation or filing of the mortgage with the Territorial Registrar, but must be submitted prior to the completion of the publication of the mortgagee’s notice of intention to foreclose the mortgage and of the sale of the mortgaged property. This request shall be signed by the mortgage creditor, or its authorized representative, desiring to receive notice, specifying the name and address of the person to whom the notice is to be mailed. The mortgagee receiving the request shall thereafter give notice to all mortgage creditors who have timely submitted their request. The notice shall be sent by mail or otherwise communicated to the mortgage creditors, not less than 7 calendar days prior to the date of sale.

(b) No request for copy of any notice under this section nor any statement or allegation in any request nor any record of it shall affect the title to real property or be considered notice to any person that any party requesting copy of the notice has or claims any right, title, or interest in, or lien or charge upon the property described in the mortgage referred to in it.

History: 1978, PL 15-83; 1979, PL 16-48 § 1.