Mortgages: Powers of Sale
Massachusetts General Laws, Chapter 183, §21 refers to a "Statutory Power of Sale," which sets forth what may be sold (the whole or parcels) and the manner in which the sale shall be held (on or near the premises). Massachusetts General Laws, Chapter 244, §14 refers to "the power of sale," and states that in connection therewith "no sale under such power" shall be effectual unless certain things are done, most significantly the giving of notice to the borrower and persons having an interest in the property subordinate to the mortgage. Upon reading these two statutes it appears that Chapter 244 actually contemplates that there may be various types of powers of sale, although it imposes minimum conditions to be met with respect to the exercise of any power of sale (statutory or otherwise). If these minimum requirements are met, and the sale proceeds otherwise as set forth in the power contained in the mortgage the foreclosure will be good.