reglab/housing_qa huggingface dataset:
MT Code § 71-1-233 (2021)
2021 Montana Code Annotated|Title 71. Mortgages, Pledges, and Liens|Chapter 1. Mortgages|Part 2. Mortgages of Real Property|71-1-233. Attorney's fee on foreclosure

  71-1-233. Attorney's fee on foreclosure. In an action to foreclose a mortgage of real property, the court must allow as a part of the costs a reasonable attorney's fee, which shall be fixed by the court, any stipulation in the instrument or any agreement between the parties to the contrary notwithstanding.   History: En. Sec. 1862, C. Civ. Proc. 1895; re-en. Sec. 7165, Rev. C. 1907; re-en. Sec. 9798, R.C.M. 1921; re-en. Sec. 9798, R.C.M. 1935; amd. Sec. 11-169, Ch. 264, L. 1963; R.C.M. 1947, 93-8613(part).
MT Code § 71-1-234 (2021)
2021 Montana Code Annotated|Title 71. Mortgages, Pledges, and Liens|Chapter 1. Mortgages|Part 2. Mortgages of Real Property|71-1-234. Attorney fee -- petition and notice

  71-1-234. Attorney fee -- petition and notice. If the mortgagee demands attorney fees in case of the sale of real estate under and by virtue of the power of sale contained in any mortgage or deed of trust in this state, except in case of the sale of real estate by virtue of a power of sale conferred upon a trustee under a trust indenture as defined in the Small Tract Financing Act of Montana, the mortgagee shall petition the district court of the county in which the real estate or any part of the real estate is situated to fix the amount of the attorney fees. A copy of the petition must be served upon all parties having or claiming an interest of record in the property to be sold or those parties that may be found within the state, at least 10 days before the day fixed for hearing. Notice of the time and place of the hearing must be served at the same time as the copy of the petition is served. A petition must be acted upon by the district court before the notice of sale by publication or posting, as provided for in this part, is given.   History: En. Sec. 3, Ch. 165, L. 1917; re-en. Sec. 9473, R.C.M. 1921; re-en. Sec. 9473, R.C.M. 1935; amd. Sec. 20, Ch. 177, L. 1963; R.C.M. 1947, 93-6007; amd. Sec. 2249, Ch. 56, L. 2009.
MT Code § 71-1-235 (2021)
2021 Montana Code Annotated|Title 71. Mortgages, Pledges, and Liens|Chapter 1. Mortgages|Part 2. Mortgages of Real Property|71-1-235. Instruments -- negotiability and remedies

  71-1-235. Instruments -- negotiability and remedies. Nothing in this part shall be deemed to affect the negotiability of an instrument, and nothing in this part shall be deemed to limit remedies otherwise available to the purchaser of a promissory note secured by a mortgage unless such purchaser at the time of purchase had notice that the note was so secured.   History: En. 93-6010 by Sec. 11-168, Ch. 264, L. 1963; R.C.M. 1947, 93-6010.
MT Code § 71-1-301 (2021)
2021 Montana Code Annotated|Title 71. Mortgages, Pledges, and Liens|Chapter 1. Mortgages|Part 3. Small Tract Financing|71-1-301. Short title

  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.
MT Code § 71-1-302 (2021)
2021 Montana Code Annotated|Title 71. Mortgages, Pledges, and Liens|Chapter 1. Mortgages|Part 3. Small Tract Financing|71-1-302. Policy

  71-1-302. Policy. Because the financing of homes and business expansion is essential to the development of the state of Montana and because financing of homes and business expansion, usually involving areas of real estate of not more than 40 acres, has been restricted by the laws relating to mortgages 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 mortgage laws, it is the public policy of the state of Montana to permit the use of trust indentures for estates in real property 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.
MT Code § 71-1-303 (2021)
2021 Montana Code Annotated|Title 71. Mortgages, Pledges, and Liens|Chapter 1. Mortgages|Part 3. Small Tract Financing|71-1-303. Definitions

  71-1-303. Definitions. As used in this part, unless the context requires otherwise, the following definitions apply:   (1) "Beneficiary" means the person named or otherwise designated in a trust indenture as the person for whose benefit a trust indenture is given or the person's successor in interest, who may not be the trustee.   (2) "Grantor" means the person conveying real property by a trust indenture as security for the performance of an obligation.   (3) "Servicer" means a person who collects loan payments on behalf of a beneficiary.   (4) (a) "Title insurance producer" means a person who holds a valid title insurance producer's license and is authorized in writing by a title insurer to:   (i) solicit title insurance business;   (ii) collect rates;   (iii) determine insurability in accordance with underwriting rules and standards of the insurer; or   (iv) issue policies of the title insurer.   (b) Title insurance producer does not include an approved attorney.   (5) "Title insurer" means an insurer formed and authorized under the laws of this state to transact the business of title insurance in this state or a foreign or alien insurer authorized to transact title insurance in this state.   (6) "Trust indenture" means an indenture executed in conformity with this part and conveying real property to a trustee in trust to secure the performance of an obligation of the grantor or other person named in the indenture to a beneficiary.   (7) "Trustee" means a person to whom the legal title to real property is conveyed by a trust indenture or 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; amd. Sec. 1, Ch. 413, L. 2005.
MT Code § 71-1-304 (2021)
2021 Montana Code Annotated|Title 71. Mortgages, Pledges, and Liens|Chapter 1. Mortgages|Part 3. Small Tract Financing|71-1-304. Trust indentures authorized -- power of sale for breach in trustee

  71-1-304. Trust indentures authorized -- power of sale for breach in trustee. (1) A transfer in trust of an interest in real property of an area not exceeding 40 acres may be made to secure the performance of an obligation of a grantor or any other person named in the indenture to a beneficiary. However, a trust indenture may not be substituted for a mortgage that was in existence on March 5, 1963.   (2) When a transfer in trust of an interest in real property is made to secure the performance of the obligation referred to in subsection (1), a power of sale is conferred upon the trustee to be exercised after a breach of the obligation for which the transfer is security.   (3) A trust indenture executed in conformity with this part may be foreclosed by advertisement and sale in the manner provided in this part or, at the option of the beneficiary, by judicial procedure as provided by law for the foreclosure of mortgages on real property. The power of sale may be exercised by the trustee without express provision in the trust indenture.   (4) If a trust indenture states that the real property involved does not exceed 40 acres, the statement is binding upon all parties and conclusive as to compliance with the provisions of this part relative to the power to make a transfer, trust, and power of sale.   History: (1) thru (3)En. Sec. 4, Ch. 177, L. 1963; amd. Sec. 3, Ch. 337, L. 1974; Sec. 52-404, R.C.M. 1947; (4)En. Sec. 3, Ch. 177, L. 1963; amd. Sec. 2, Ch. 337, L. 1974; Sec. 52-403, R.C.M. 1947; R.C.M. 1947, 52-403(part), 52-404; amd. Sec. 3, Ch. 114, L. 1989; amd. Sec. 4, Ch. 30, L. 2001.
MT Code § 71-1-305 (2021)
2021 Montana Code Annotated|Title 71. Mortgages, Pledges, and Liens|Chapter 1. Mortgages|Part 3. Small Tract Financing|71-1-305. Trust indenture considered to be mortgage on real property

  71-1-305. Trust indenture considered to be mortgage on real property. A trust indenture is deemed to be a mortgage on real property and is subject to all laws relating to mortgages on real property except to the extent that such laws are inconsistent with the provisions of this part, in which event the provisions of this part shall control. For the purpose of applying the mortgage laws, the grantor in a trust indenture is deemed the mortgagor and the beneficiary is deemed the mortgagee.   History: En. Sec. 17, Ch. 177, L. 1963; R.C.M. 1947, 52-417.
MT Code § 71-1-306 (2021)
2021 Montana Code Annotated|Title 71. Mortgages, Pledges, and Liens|Chapter 1. Mortgages|Part 3. Small Tract Financing|71-1-306. Qualifications of trustee -- successor trustee

  71-1-306. Qualifications of trustee -- successor trustee. (1) The trustee of a trust indenture under this part must be:   (a) an attorney who is licensed to practice law in Montana;   (b) a bank, trust company, or savings and loan association authorized to do business in Montana under the laws of Montana or the United States; or   (c) a title insurer or title insurance producer or agency authorized to do business in Montana under the laws of Montana.   (2) The beneficiary may appoint a successor trustee at any time by filing for record, in the office of the clerk and recorder of each county in which the trust property or some part of the trust property is situated, a substitution of trustee. The substitution must identify the trust indenture by stating the names of the original parties to the trust indenture and the date of recordation and the book and page where the information is recorded, must state the name and mailing address of the new trustee, and must be executed and acknowledged by all of the beneficiaries designated in the trust indenture or their successors in interest. From the time the substitution is filed for record, the new trustee is vested with all the power, duties, authority, and title of the trustee named in the trust indenture and of any successor trustee.   History: En. Sec. 5, Ch. 177, L. 1963; R.C.M. 1947, 52-405; amd. Sec. 1, Ch. 33, L. 1987; amd. Sec. 91, Ch. 51, L. 1999.
MT Code § 71-1-307 (2021)
2021 Montana Code Annotated|Title 71. Mortgages, Pledges, and Liens|Chapter 1. Mortgages|Part 3. Small Tract Financing|71-1-307. Reconveyance upon performance -- liability for failure to reconvey

  71-1-307. Reconveyance upon performance -- liability for failure to reconvey. (1) Upon performance of the obligation secured by the trust indenture, the trustee, upon written request of the beneficiary or servicer, shall reconvey the interest in real property described in the trust indenture to the grantor. If the obligation is performed and the beneficiary or servicer refuses to request reconveyance or the trustee refuses to reconvey the property within 90 days of the request, the beneficiary, servicer, or trustee who refuses is liable to the grantor for the sum of $500 and all actual damages resulting from the refusal to reconvey.   (2) If a beneficiary or servicer has received a notice of intent to reconvey pursuant to 71-1-308 and has not timely requested a reconveyance or has not objected to the reconveyance within the 90-day period established in 71-1-308, the beneficiary or servicer is liable to the title insurer or title insurance producer for the sum of $500 and all damages resulting from the failure.   (3) In an action by a grantor, title insurer, or title insurance producer to collect any sums due under this section, the court shall award attorney fees and costs to the prevailing party.   History: En. Sec. 6, Ch. 177, L. 1963; R.C.M. 1947, 52-406; amd. Sec. 5, Ch. 413, L. 2005.
MT Code § 71-1-309 (2021)
2021 Montana Code Annotated|Title 71. Mortgages, Pledges, and Liens|Chapter 1. Mortgages|Part 3. Small Tract Financing|71-1-309. Objection to reconveyance

  71-1-309. Objection to reconveyance. A title insurer or title insurance producer may not record a reconveyance of trust indenture if, within 90 days of the date of the notice of intent to reconvey, the beneficiary or servicer notifies the title insurer or title insurance producer that the obligation has not been paid in full or that the beneficiary or servicer objects to the reconveyance.   History: En. Sec. 3, Ch. 413, L. 2005.
MT Code § 71-1-310 (2021)
2021 Montana Code Annotated|Title 71. Mortgages, Pledges, and Liens|Chapter 1. Mortgages|Part 3. Small Tract Financing|71-1-310. Liability of title insurer or title insurance producer

  71-1-310. Liability of title insurer or title insurance producer. A title insurer or title insurance producer who reconveys a trust indenture is liable to the beneficiary for damages suffered by the beneficiary as a result of the reconveyance if:   (1) the obligation secured by the trust indenture is not fully paid;   (2) the title insurer or title insurance producer failed to comply with the provisions of 71-1-308; or   (3) the title insurer or title insurance producer acted with gross negligence or in bad faith in reconveying the trust indenture.   History: En. Sec. 4, Ch. 413, L. 2005.
MT Code § 71-1-311 (2021)
2021 Montana Code Annotated|Title 71. Mortgages, Pledges, and Liens|Chapter 1. Mortgages|Part 3. Small Tract Financing|71-1-311. Time for foreclosure same as mortgage

  71-1-311. Time for foreclosure same as mortgage. The foreclosure of a trust indenture by advertisement and sale or by judicial procedure shall be commenced within the time, including extensions, provided by law for the foreclosure of a mortgage on real property.   History: En. Sec. 7, Ch. 177, L. 1963; R.C.M. 1947, 52-407.
MT Code § 71-1-312 (2021)
2021 Montana Code Annotated|Title 71. Mortgages, Pledges, and Liens|Chapter 1. Mortgages|Part 3. Small Tract Financing|71-1-312. Discontinuance of foreclosure proceedings when entire amount of default paid

  71-1-312. Discontinuance of foreclosure proceedings when entire amount of default paid. (1) Whenever all or a portion of any obligation secured by a trust indenture has, prior to the maturity date fixed in the obligation, become due or been declared due by reason of a breach or default in the performance of any obligation secured by the trust indenture, including a default in the payment of interest or of any installment of principal or by reason of failure of the grantor to pay, in accordance with the terms of the trust indenture, taxes, assessments, premiums for insurance, or advances made by the beneficiary in accordance with the terms of the obligation or of the trust indenture, the grantor or the grantor's successor in interest in the trust property or any part of the trust property or any other person having a subordinate lien or encumbrance of record on the trust property or any beneficiary under a subordinate trust indenture, at any time prior to the time fixed by the trustee for the trustee's sale if the power of sale is to be exercised, may pay to the beneficiary or the beneficiary's successor in interest the entire amount then due under the terms of the trust indenture and the obligation secured by the indenture, including costs and expenses actually incurred and reasonable trustee's fees and attorney fees, other than the portion of the principal that would not then be due if a default had not occurred and cure the existing default.   (2) Upon the payment described in subsection (1), all prior proceedings had or instituted to foreclose the trust indenture must be canceled and the obligation and the trust indenture must be reinstated and remain in force and effect the same as if an acceleration had not occurred.   (3) If the default is cured and the obligation and the trust indenture reinstated in the manner provided, the beneficiary or the beneficiary's assignee shall, on demand of any person having an interest in the trust property, execute, acknowledge, and deliver to the person a request that the trustee execute, acknowledge, and deliver a cancellation of the recorded notice of sale under the trust indenture.   (4) Any beneficiary under a trust indenture or the beneficiary's assignee who, for a period of 30 days after the demand, refuses to request the trustee to execute, acknowledge, and deliver a cancellation is liable to the person entitled to the request for all damages resulting from the refusal.   (5) A cancellation of a recorded notice of sale, when executed and acknowledged, is entitled to be recorded and is sufficient if it sets forth a reference to the trust indenture and the book and page where the indenture is recorded, a reference to the notice of sale and to the book and page where the indenture is recorded, and a statement that the notice of sale is canceled.   History: En. Sec. 12, Ch. 177, L. 1963; R.C.M. 1947, 52-412; amd. Sec. 2250, Ch. 56, L. 2009.
MT Code § 71-1-314 (2021)
2021 Montana Code Annotated|Title 71. Mortgages, Pledges, and Liens|Chapter 1. Mortgages|Part 3. Small Tract Financing|71-1-314. Requests for copies of notice of sale

  71-1-314. Requests for copies of notice of sale. At any time subsequent to the recordation of a trust indenture and prior to the recordation of notice of sale under the indenture, any person desiring a copy of any notice of sale under a trust indenture as provided in 71-1-315(1) may cause to be filed for record in the office of the county clerk and recorder of the county or counties in which any part or parcel of the real property is situated, a duly acknowledged request for a copy of any notice of sale, showing service upon the trustee. The request shall contain the name and address of the person requesting a copy of the notice and shall identify the trust indenture by stating the names of the parties to the indenture, the date of recordation of the indenture, and the book and page where the indenture is recorded. The county clerk and recorder shall immediately make a cross-reference of the request to the trust indenture either on the margin of the page where the trust indenture is recorded or in some other suitable place. No request, statement, or notation placed on the record pursuant to this section shall affect title to the property or be deemed notice to any person that any person so recording the request has any right, title, interest in, lien, or charge upon the property referred to in the trust indenture.   History: En. Sec. 15, Ch. 177, L. 1963; R.C.M. 1947, 52-415.
MT Code § 71-1-316 (2021)
2021 Montana Code Annotated|Title 71. Mortgages, Pledges, and Liens|Chapter 1. Mortgages|Part 3. Small Tract Financing|71-1-316. Disposition of proceeds of sale -- notice -- surplus funds -- attorney fees

  71-1-316. Disposition of proceeds of sale -- notice -- surplus funds -- attorney fees. (1) (a) The trustee shall apply the proceeds of the trustee's sale as follows:   (i) to the costs and expenses of exercising the power of sale and of the sale, including reasonable trustee's fees and attorney fees;   (ii) to the obligation secured by the trust indenture that is the subject of the sale.   (b) Any surplus funds must be deposited with the clerk and recorder of the county in which the sale took place, along with written notice of the amount of the surplus funds and a copy of the notice of the trustee's sale. The trustee shall mail copies of the notice of the surplus funds, the notice of the trustee's sale, and the affidavit of mailing required under 71-1-315(2) to each party who was sent notice under 71-1-315.   (2) Upon the deposit of the surplus funds, the trustee is discharged from all further responsibility for the surplus funds. The clerk and recorder shall deposit the surplus funds with the county treasurer.   (3) (a) A party seeking disbursement of the surplus funds shall file a petition to request an order for disbursement in the district court for the county in which the surplus funds are deposited. The district court shall determine the order of priority of any interests in or liens or claims of liens against the surplus and shall issue a written order directing the county treasurer to disburse the surplus funds in accordance with the order.   (b) A party with an interest, lien, or claim that was junior to the interest that was the subject of the sale has an interest in the surplus funds in the same order of priority that existed in the property at the time of the sale.   (c) Not less than 20 days prior to the hearing, notice of the petition must be served upon any party who was sent notice of the surplus funds under subsection (1) and any other party who has entered an appearance in the proceeding.   (4) A party who is awarded any portion of the surplus funds because of an existing interest in or lien or claim of lien against the property is entitled to seek costs and attorney fees from the surplus funds. The costs and attorney fees must be allowed to each claimant whose lien is established, and the reasonable attorney fees must be allowed to the defendant against whose property a lien is claimed if a lien is not established.   History: En. Sec. 13, Ch. 177, L. 1963; R.C.M. 1947, 52-413; amd. Sec. 1, Ch. 158, L. 2007; amd. Sec. 1, Ch. 213, L. 2015.
MT Code § 71-1-317 (2021)
2021 Montana Code Annotated|Title 71. Mortgages, Pledges, and Liens|Chapter 1. Mortgages|Part 3. Small Tract Financing|71-1-317. Deficiency judgment not allowed

  71-1-317. Deficiency judgment not allowed. When a trust indenture executed in conformity with this part is foreclosed by advertisement and sale, other or further action, suit, or proceedings may not be taken or judgment entered for any deficiency against the grantor or the grantor's surety, guarantor, or successor in interest, if any, on the note, bond, or other obligation secured by the trust indenture or against any other person obligated on the note, bond, or other obligation.   History: En. Sec. 14, Ch. 177, L. 1963; R.C.M. 1947, 52-414; amd. Sec. 2252, Ch. 56, L. 2009.
MT Code § 71-1-318 (2021)
2021 Montana Code Annotated|Title 71. Mortgages, Pledges, and Liens|Chapter 1. Mortgages|Part 3. Small Tract Financing|71-1-318. Trustee's deed

  71-1-318. Trustee's deed. (1) The trustee's deed to the purchaser at the trustee's sale may contain, in addition to a description of the property conveyed, recitals of compliance with the requirements of this part relating to the exercise of the power of sale and the sale, including recitals of the facts concerning the default, the notice given, the conduct of the sale, and the receipt of the purchase money from the purchaser.   (2) When the trustee's deed is recorded in the deed records of the county or counties where the property described in the deed is situated, the recitals contained in the deed and in the affidavits required under 71-1-315(2) are prima facie evidence in any court of the truth of the matters set forth in the recitals, except that the recitals are conclusive evidence in favor of subsequent bona fide purchasers and encumbrancers for value and without notice.   (3) The trustee's deed operates to convey to the purchaser, without right of redemption, the trustee's title and all right, title, interest, and claim of the grantor and the grantor's successors in interest and of all persons claiming by, through, or under them in and to the property sold, including all right, title, interest, and claim in and to the property acquired by the grantor or the grantor's successors in interest subsequent to the execution of the trust indenture.   History: En. Sec. 10, Ch. 177, L. 1963; R.C.M. 1947, 52-410; amd. Sec. 2253, Ch. 56, L. 2009.
MT Code § 71-1-319 (2021)
2021 Montana Code Annotated|Title 71. Mortgages, Pledges, and Liens|Chapter 1. Mortgages|Part 3. Small Tract Financing|71-1-319. Possession

  71-1-319. Possession. The purchaser at the trustee's sale shall be entitled to possession of the property on the 10th day following the sale, and any persons remaining in possession after that date under any interest, except one prior to the trust indenture, shall be deemed to be tenants at will.   History: En. Sec. 11, Ch. 177, L. 1963; R.C.M. 1947, 52-411.