Rents and Profits; Rights of Purchaser and Redemptioner; Credit Upon Redemption; Money to be Paid; Accounting

2 CMC § 4543 — under Real Estate Mortgage Law.

2 CMC § 4543

TITLE 2: NATURAL RESOURCES

DIVISION 4: LAND RESOURCES

§ 4543. Rents and Profits; Rights of Purchaser and Redemptioner; Credit Upon Redemption; Money to be Paid; Accounting. (a) The purchaser, from the time of the sale until a redemption, is entitled to receive, from the tenant in possession, the rents of the property sold, or the value of its use and occupation. But when any rents or profits have been received by the purchaser, or his or her assigns, from the property preceding the redemption, the amounts of the rents and profits, less reasonable expenses incurred in the production of the rents and profits, shall be a credit upon the redemption money to be paid. (b) If the redemptioner, before the expiration of the time allowed for the redemption, demands in writing of the purchaser a written and verified statement of the amounts of the rents and profits thus received, the period for redemption is extended to five days after the sworn statement is given by the purchaser, or his or her assigns, to the redemptioner. (c) If the purchaser or his or her assigns shall, for a period of one month from and after the demand, fail or refuse to give such statement, the redemptioner may bring an action before the Commonwealth Trial Court, to compel an accounting and disclosure of rent and profits. The right of redemption is extended to the redemptioner until 15 days from and after the final determination of the action. Source: DL 4-143, § 28. Commission Comment: Section 4 of PL 6-25, the “Commonwealth Judicial Reorganization Act of 1989,” provides that “[w]herever the term ‘Commonwealth Trial Court’ appears in the Commonwealth Code, it is henceforth to be interpreted and understood to refer to the Commonwealth Superior Court.”