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Montana Foreclosure Statutes - Montana Code Annotated 2003-71-1-301

Montana Foreclosure Statutes - Montana Code Annotated 2003-71-1-301

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Published by: ForeclosureGate.org Library on Apr 22, 2011
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04/22/2011

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71-1-301. Short title.
This part may be cited as the "Small Tract Financing Act of Montana".
History:
En. Sec. 1, Ch. 177, L. 1963; R.C.M. 1947, 52-401.
Page 1of 171-1-301. Short title.4/21/2011http://data.opi.mt.gov/bills/2003/mca/71/1/71-1-301.htm
 
 
71-1-302. Policy.
Because the financing of homes and business expansion is essential to thedevelopment of the state of Montana and because financing of homes and business expansion, usuallyinvolving areas of real estate of not more than 40 acres, has been restricted by the laws relating tomortgages of real property and because more financing of homes and business expansion is available if the parties can use security instruments and procedures not subject to all the provisions of the mortgagelaws, it is the public policy of the state of Montana to permit the use of trust indentures for estates in realproperty of not more than 40 acres as provided in this part.
History:
En. Sec. 2, Ch. 177, L. 1963; amd. Sec. 1, Ch. 337, L. 1974; R.C.M. 1947, 52-402; amd. Sec. 1, Ch. 114, L.1989; amd. Sec. 2, Ch. 30, L. 2001.
Page 1of 171-1-302. Policy.4/21/2011http://data.opi.mt.gov/bills/2003/mca/71/1/71-1-302.htm
 
 
71-1-303. Definitions.
As used in this part, unless the context requires otherwise, the followingdefinitions apply:(1) "Beneficiary" means the person named or otherwise designated in a trust indenture as the personfor whose benefit a trust indenture is given or the person's successor in interest, who may not be thetrustee.(2) "Grantor" means the person conveying real property by a trust indenture as security for theperformance of an obligation.(3) "Trust indenture" means an indenture executed in conformity with this part and conveying realproperty to a trustee in trust to secure the performance of an obligation of the grantor or other personnamed in the indenture to a beneficiary.(4) "Trustee" means a person to whom the legal title to real property is conveyed by a trust indentureor the person's successor in interest.
History:
En. Sec. 3, Ch. 177, L. 1963; amd. Sec. 2, Ch. 337, L. 1974; R.C.M. 1947, 52-403(part); amd. Sec. 2, Ch. 114,L. 1989; amd. Sec. 3, Ch. 30, L. 2001.
Page 1of 171-1-303. Definitions.4/21/2011http://data.opi.mt.gov/bills/2003/mca/71/1/71-1-303.htm

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