[ Text of section effective until January 1, 2006. Repealed by 2005, 129, Sec. 3 applicable as provided by 2005, 129, Sec. 6. See 2005, 129, Sec. 5.]
Section 24B. Cash payments, whether of principal or interest, on a note or other obligation of the type referred to in section twenty-four A, received subsequent to the time when such note or obligation was accepted as the, or part of the, consideration shall, if the total net cash receipts referred to in said section twenty-four A were insufficient to pay the expenses and charges therein referred to, be first applied in reduction of such expenses and charges until cancelled. Subject to such provision, all such receipts, whether of principal or interest, may in the discretion of the trustee be apportioned between capital and income at such times as the trustee deems advisable.
If any apportionment is made under said section twenty-four A, all subsequent apportionments between income and principal shall be made in the same ratio, unless subsequent conditions or other circumstances render a different ratio of apportionment more equitable. The trustee, after the expenses and charges referred to in said section twenty-four A have been paid, may treat as income all or any part of the interest received on such note. A trustee who makes, in good faith, an apportionment provided for in this section or said section twenty-four A shall not be charged with personal liability for such acts.
Nothing in this section or section twenty-four A shall prevent a trustee from seeking the instruction of the proper court if he deems it advisable. The term "mortgage'' as used in said section twenty-four A shall include a mortgage participation or a mortgage certificate or any other form of interest in a single entire mortgage, but shall not include a mortgage participation or a mortgage certificate or any other form of interest in a group of mortgages.