Legislation
SECTION 10-10.4
Power to lease in tenant for life; effect of mortgage
Estates, Powers & Trusts (EPT) CHAPTER 17-B, ARTICLE 10, PART 10
§ 10-10.4 Power to lease in tenant for life; effect of mortgage
(a) The power of a tenant for life to make leases is neither
extinguished nor suspended when such tenant executes a mortgage. The
power is bound by the mortgage in the same manner as the real property
embraced therein, and the lien of the mortgagee on such power:
(1) Entitles the mortgagee to an exercise of the power so far as the
satisfaction of the debt requires; and
(2) Causes any subsequent interest, created by the tenant for life by
an exercise of such power, to become subject to the mortgage as if in
terms embraced therein.
(a) The power of a tenant for life to make leases is neither
extinguished nor suspended when such tenant executes a mortgage. The
power is bound by the mortgage in the same manner as the real property
embraced therein, and the lien of the mortgagee on such power:
(1) Entitles the mortgagee to an exercise of the power so far as the
satisfaction of the debt requires; and
(2) Causes any subsequent interest, created by the tenant for life by
an exercise of such power, to become subject to the mortgage as if in
terms embraced therein.