Pursuant to General Laws, Chapter 111§127I, the Attorney General’s Office or the Town/City Solicitor is empowered to bring a Petition for Receivership to appoint a Receiver to correct safety and sanitary code violations when the owner has failed, after notice, to maintain the Property.
Once sparingly utilized, this statute has become extremely helpful throughout Massachusetts, and especially in the Merrimack Valley, to address rundown and/or vacant properties.
Drive around any City and you will see numerous properties where the Owners either fail to maintain their home, have abandoned it or the Bank, having foreclosed on the property, loses interest.
A Court-appointed Receiver can take control of the Property, remedy the violations, get paid for its work, and can subsequently sell the Property to the delight of the neighbors and the entire City. The statute allows the Receiver to borrow funds and include the costs of borrowing into its budget along with the legal fees incurred by the Receiver’s Attorney.
Our office represents numerous Receivers throughout the area, and works closely with the Attorney General’s Office and local officials throughout the entire Receivership process.
If you are a contractor or city official looking to explore the benefits of Receiverships, we would love to hear from you.