A corporation formed by the holders of the scrip or bonds, or if no such corporation has been formed, the holders of not less than a majority of the scrip or bonds, may commence a civil action to foreclose the mortgage and the court may decree a foreclosure thereof, unless the arrears are paid within such time as the court orders.
Holders of unpaid scrip and bonds may foreclose mortgages
23 M.R.S. § 5186, under Chapter 605.
23 M.R.S. § 5186