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Trust to seek town counsel after Habitat closing attorney flags potential bylaw issue on mortgage signers
Summary
Habitat's closing attorney raised a potential legal concern that mortgages recorded at the registry of deeds might require a full-trustee vote or full membership signatures; trustees agreed to circulate the governing language and consult the town attorney before reconfirming signing authority.
Fred Clark told trustees that Habitat’s closing attorney identified a potential issue under the Trust’s governing law filed at the registry of deeds: in her view, actions binding the committee such as recording a mortgage might require a vote of the entire committee and that signers on the mortgage be all members. Clark relayed the attorney’s concern to the board and stated he would follow up with the town attorney, Chris Rembold, for clarification.
Trustees debated the interpretation: Peter Most said a trust commonly may appoint agents to sign on its behalf and that it would be unusual to require every member to sign. Trustees requested Clark circulate the bylaw text and any specific provision the closing attorney cited, and they agreed to place the issue on the August agenda for review and possible reconfirmation of designated signers or agents.
