Me. Rev. Stat. » Title 14
Maine Revised Statutes

Me. Rev. Stat. tit. 14, § 6324 (2026)

Proceeds of sale

✓ current as of May 2026
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After first deducting the expenses incurred in making the sale, the mortgagee shall disburse the remaining proceeds in accordance with the provisions of the judgment. The mortgagee shall file a report of the sale and the disbursement of the proceeds therefrom with the court and shall mail a copy to the mortgagor at the mortgagor's last known address. This report need not be accepted or approved by the court, provided that the mortgagor or any other party in interest may contest the accounting by motion filed within 30 days of receipt of the report, but any such challenge may be for money only and does not affect the title to the real estate purchased by the highest bidder at the public sale. Any deficiency must be assessed against the mortgagor and an execution must be issued by the court therefor. In the event the mortgagee has been the purchaser at the public sale, any deficiency is limited to the difference between the fair market value of the premises at the time of the public sale, as established by an independent appraisal, and the sum due the mortgagee as established by the court with interest plus the expenses incurred in making the sale. Any surplus must be paid to the mortgagor, the mortgagor's successors, heirs or assigns in the proceeding. If the mortgagor has not appeared personally or by an attorney, the surplus must be paid to the clerk of courts, who shall hold the surplus in escrow for 6 months for the benefit of the mortgagor, the mortgagor's successors, heirs or assigns and, if the surplus remains unclaimed after 6 months, the clerk shall pay the surplus to the Treasurer of State to be credited to the General Fund until it becomes unclaimed under the Maine Revised Unclaimed Property Act, and report and pay it to the State in accordance with that Act.   [PL 2019, c. 498, §11 (AMD).]
The report of sale required by this section must be filed with the court within the earlier of 90 days after the public sale and 45 days after the mortgagee's delivery of the deed conveying the mortgaged property to the purchaser at the mortgage sale. Upon a showing of good cause by the mortgagee, made by motion filed before the expiration of the deadline, the court may extend the deadline for the filing of the report of sale for an additional period of time as the court considers appropriate. In the event that the mortgagee fails to timely file the report of sale, the mortgagee has no right to seek a deficiency judgment.   [PL 2019, c. 408, §2 (NEW).]
SECTION HISTORY
PL 1975, c. 552, §5 (NEW). PL 1983, c. 447, §5 (AMD). PL 1987, c. 691, §2 (AMD). PL 1997, c. 508, §A3 (AFF). PL 1997, c. 508, §B4 (AMD). PL 2003, c. 20, §T10 (AMD). PL 2019, c. 408, §2 (AMD). PL 2019, c. 498, §11 (AMD).
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Notes of Decisions
Cited in 63 cases (3 in the last 5 years), 1982–2025 · leading case: Est. of John R. Barron v. Shapiro & Morley, LLC, 2017 ME 51 (Me. 2017).
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Est. of John R. Barron v. Shapiro & Morley, LLC, 2017 ME 51 (Me. 2017). · cites it 3× “However, Shapiro & Morley, as is its custom, does not disburse surplus funds to a third party, such as Barron, until expiration of the statutory thirty-day objection period after the filing of the report of sale required by 14 M.R.S. § 6324 (2016). The purpose of the delayed…”
Nancy & Stjepan Sostaric v. Sally Marshall, 766 S.E.2d 396 (W. Va. 2014). · cites it 4× “§ 60­ 2415 (“fair value”); Me. Rev. Stat. Ann. tit. 14, § 6324 (“fair market value” at time of sale); Mich.”
Dumont v. Fleet Bank of Maine, 2000 ME 197 (Me. 2000). · cites it 5× “60(b)(6), 2 contending, inter aha, that Fleet did not follow the requirements of 14 M.R.S.A. § 6324 (Supp.1999) 3 in fixing the deficiency.”
Brickyard Assocs. v. Auburn Venture Partners, 626 A.2d 930 (Me. 1993). · cites it 6× “) of a report of public sale filed pursuant to 14 M.R.S.A. § 6324 (Supp.1992) following the foreclosure by Brickyard of a second mortgage granted to it by AVP.”
Bank of Am., N.A. v. Scott A. Greenleaf, 2014 ME 89 (Me. 2014). “, 14 M.R.S. § 6324 (defining a surplus or deficiency from a foreclosure sale with reference to “the sum due the mortgagee as established by the court with interest plus the expenses incurred in making the sale”), section 6111 effectively freezes such additions to the payoff…”
Kennebec Sav. Bank v. Chandler, 447 A.2d 824 (Me. 1982). · cites it 5× “On October 23, 1981, the Plaintiff moved for assessment of deficiency and issuance of execution, pursuant to 14 M.R.S.A. § 6324, in the amount of $11,202.”
Fayette Cnty. Nat'l Bank v. Lilly, 484 S.E.2d 232 (W. Va. 1997). “If no party requests the determination of fair market value or if such a request is made and no competent evidence of fair market value is introduced, the sale price at the foreclosure sale shall be used to compute the deficiency.”
John A. Thurston v. Jenny G. Galvin, 2014 ME 76 (Me. 2014). · cites it 2× “§ 6323, with any net proceeds of the sale going to the defaulting purchaser after payment of the outstanding loan balance and costs of the foreclosure proceeding, 14 M.R.S. § 6324. [¶21] Oftentimes there may be no net proceeds left after the sale, and the defaulting purchaser…”
First Bank v. Fischer & Frichtel, Inc., 364 S.W.3d 216 (Mo. 2012). “§ 76-1013 (West 2012); Nbv.Rev.Stat. Ann § 40.”
In Re Cormier, 147 B.R. 285 (Bankr. D. Me. 1992). · cites it 2× “If the mortgagee purchases the property, the deficiency is limited to "the difference between the fair market value of the premises at the time of the public sale, as established by an independent appraisal, and the sum due the mortgagee as established by the court.”
Key Bank of Maine v. Walton, 673 A.2d 701 (Me. 1996). · cites it 2× “14 M.R.S.A. § 6324. In this case, Walton did not allege a lack of personal jurisdiction based on a defective service of process when he submitted a motion contesting the accounting of the sale pursuant to section 6324.”
Peoples Sav. Bank v. Spencer, 482 A.2d 832 (Me. 1984). · cites it 4× “Spencer appeal from judgments entered against them in Superior Court, Androscog-gin County, on motions of Peoples Savings Bank, mortgagee, for deficiency assessments pursuant to 14 M.R.S.A. § 6324 (Supp.1983). Because the bank had been *833 the purchaser at the foreclosure sale,…”
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