reglab/housing_qa huggingface dataset:
MT Code § 80-12-202 (2021)
2021 Montana Code Annotated|Title 80. Agriculture|Chapter 12. Montana Agricultural Loan Authority Act|Part 2. Loans|80-12-202. Immediate repayment

  80-12-202. Immediate repayment. If an applicant who has obtained the approval of the authority for the issuance of a bond to fund the applicant's loan for the acquisition of farm or ranch land sells the land for which the loan was made to any person, firm, or corporation other than the applicant's spouse, children, or corporation wholly owned by them, the loan must be repaid in full.   History: En. Sec. 6, Ch. 580, L. 1983; amd. Sec. 2618, Ch. 56, L. 2009.
MT Code § 80-12-203 (2021)
2021 Montana Code Annotated|Title 80. Agriculture|Chapter 12. Montana Agricultural Loan Authority Act|Part 2. Loans|80-12-203. Qualifications of applicants

  80-12-203. Qualifications of applicants. (1) To be eligible for a loan approved by the authority for issuance of a bond, an applicant:   (a) shall declare the intention to maintain the applicant's residence in Montana during the length of the loan;   (b) must have been approved by a financial institution; and   (c) must have a net worth not to exceed $450,000.   (2) Applications for loans to be approved by the authority for issuance of bonds may be submitted by individuals, partnerships, associations, or joint ventures. All persons involved in the application must meet the requirements of subsection (1). Corporations may not apply.   History: En. Sec. 7, Ch. 580, L. 1983; amd. Sec. 1, Ch. 542, L. 1985; amd. Sec. 214, Ch. 368, L. 1991; amd. Sec. 1, Ch. 18, L. 2009; amd. Sec. 2619, Ch. 56, L. 2009; amd. Sec. 267, Ch. 271, L. 2019.
MT Code § 80-12-204 (2021)
2021 Montana Code Annotated|Title 80. Agriculture|Chapter 12. Montana Agricultural Loan Authority Act|Part 2. Loans|80-12-204. Evaluation of applicants

  80-12-204. Evaluation of applicants. (1) The authority shall by rule establish:   (a) procedures and standards for evaluating applications for loans to be approved by the authority for issuance of bonds; and   (b) a system for evaluating the applicants, considering the following criteria:   (i) the applicant's net worth;   (ii) the applicant's access to livestock and machinery;   (iii) the applicant's training and experience in agriculture;   (iv) the applicant's prospects for succeeding in an agricultural operation on the land proposed for purchase; and   (v) any other factors it may prescribe.   (2) The authority shall select the best qualified and most deserving applicants from among those applying for approval of loans for issuance of bonds.   (3) The authority may seek the advice of such lenders as the farmers home administration, the production credit association, the federal land bank, private lenders, or similar organizations in Montana and coordinate its program through these organizations.   History: En. Sec. 8, Ch. 580, L. 1983; amd. Sec. 2, Ch. 542, L. 1985.
MT Code § 80-12-205 (2021)
2021 Montana Code Annotated|Title 80. Agriculture|Chapter 12. Montana Agricultural Loan Authority Act|Part 2. Loans|80-12-205. Purchase of loans

  80-12-205. Purchase of loans. The authority may purchase loans and make advance commitments to purchase loans from a financial institution at prices and upon terms and conditions established pursuant to 80-12-201 through 80-12-204 and rules promulgated by the authority.   History: En. Sec. 9, Ch. 580, L. 1983.
MT Code § 80-12-206 (2021)
2021 Montana Code Annotated|Title 80. Agriculture|Chapter 12. Montana Agricultural Loan Authority Act|Part 2. Loans|80-12-206. through 80-12-210 reserved

  80-12-206 through 80-12-210 reserved.
MT Code § 80-12-211 (2021)
2021 Montana Code Annotated|Title 80. Agriculture|Chapter 12. Montana Agricultural Loan Authority Act|Part 2. Loans|80-12-211. Income tax deduction for land sale to beginning farmers

  80-12-211. Income tax deduction for land sale to beginning farmers. A landowner who sells land consisting of 80 acres or more to a beginning farmer at 9% or less interest on a long-term contract is entitled to a reduction in the landowner's taxable income in an amount equal to 100% of any income or capital gain, or both, realized and otherwise subject to state income taxes from the sale, up to a maximum of $50,000, if the transaction is approved by the authority for this purpose.   History: En. Sec. 23, Ch. 580, L. 1983; amd. Sec. 4, Ch. 542, L. 1985; amd. Sec. 2620, Ch. 56, L. 2009.
MT Code § 80-12-212 (2021)
2021 Montana Code Annotated|Title 80. Agriculture|Chapter 12. Montana Agricultural Loan Authority Act|Part 2. Loans|80-12-212. through 80-12-214 reserved

  80-12-212 through 80-12-214 reserved.
MT Code § 80-12-216 (2021)
2021 Montana Code Annotated|Title 80. Agriculture|Chapter 12. Montana Agricultural Loan Authority Act|Part 2. Loans|80-12-216. Agricultural loan guaranty fund

  80-12-216. Agricultural loan guaranty fund. (1) The authority shall create an agricultural loan guaranty fund. The fund must be held by a trustee or other fiduciary designated by the authority. There must be deposited into the fund amounts, insurance fees, premiums, and such other revenues and assets as the authority considers necessary to comply with any contract or agreement entered into by the authority under this chapter. The authority may borrow from and deposit in the agricultural loan guaranty fund up to $20,000,000 from any available state fund, including funds of the Montana board of housing.   (2) The amounts in the fund must be used to satisfy any claim resulting from a defaulted loan or other credit agreement. The amounts in the fund may also be used for any other purpose prescribed by the authority in accordance with guaranty contracts with financial institutions entered into pursuant to this chapter, including without limitation the protection of the interest of the authority in loans during periods of delinquency or upon default.   (3) The minimum reserve requirement for the agricultural loan guaranty fund must be such amount as may be provided in an agreement, resolution, or indenture with the holders of bonds issued under this chapter, but not in excess of the aggregate annual payments due under the loans or other credit agreements guaranteed by the authority. No loan or other credit agreement may be guaranteed by the authority if the amount of money available in the agricultural loan guaranty fund would be less than the minimum reserve requirement.   (4) In order to assure the maintenance of the agricultural loan guaranty fund, the authority shall, on or before September 1 in each year preceding the convening of the legislature, deliver to the governor a certificate stating the sum, if any, required to restore the agricultural loan guaranty fund to the minimum reserve requirement. The governor shall include in the executive budget submitted to the legislature the sum required to restore the agricultural loan guaranty fund to the minimum reserve requirement. Nothing contained herein shall obligate the legislature to make an appropriation for this purpose.   (5) All amounts remitted to the authority under this section constitute loans to the authority and must be repaid to the state treasury without interest from available operating revenues of the authority in excess of amounts required for the guarantee of loans.   History: En. Sec. 3, Ch. 448, L. 1985.
MT Code § 80-12-301 (2021)
2021 Montana Code Annotated|Title 80. Agriculture|Chapter 12. Montana Agricultural Loan Authority Act|Part 3. Bonds|80-12-301. Issuance of bonds -- credit of the state not pledged

  80-12-301. Issuance of bonds -- credit of the state not pledged. (1) The authority may issue bonds of the state of Montana in a principal amount it determines necessary to provide sufficient funds for achieving any of the purposes of the Montana agricultural loan authority program, including the payment of interest on bonds, establishment of reserves to secure the bonds, and all other expenditures of the authority incident to the program.   (2) Each issue of its bonds is an obligation of the authority, payable out of any revenues, assets, or money generated by the Montana agricultural loan authority program. The authority shall manage its loans so that the bonds are repaid by the revenue generated by the program. The full faith and credit and taxing powers of the state are not pledged for the payment of bonds issued by the authority under the provisions of this chapter.   (3) The bonds must be authorized by resolution of the authority, bear a date, and mature at times the authority determines. A bond may not mature more than 60 years from the date of its issue. The bonds may be issued as serial bonds payable in annual installments or as term bonds or as a combination thereof. The bonds of the authority may be sold at public or private sale, at prices determined by the authority.   (4) The resolution shall specify:   (a) the rate of interest of the bonds;   (b) the denomination of the bonds;   (c) whether the bonds shall be in coupon or registered form and registration privileges, if any;   (d) the manner and place of execution;   (e) the manner, place, and medium of payment; and   (f) the terms of redemption.   (5) The total amount of bonds outstanding at any one time may not exceed $40 million.   History: En. Sec. 10, Ch. 580, L. 1983; amd. Sec. 3, Ch. 542, L. 1985.
MT Code § 80-12-302 (2021)
2021 Montana Code Annotated|Title 80. Agriculture|Chapter 12. Montana Agricultural Loan Authority Act|Part 3. Bonds|80-12-302. Provisions of bond resolutions or trust indentures

  80-12-302. Provisions of bond resolutions or trust indentures. A resolution or trust indenture authorizing any bonds or any issue thereof may contain provisions, which shall be a part of the contract or contracts with the holders thereof, as to:   (1) pledging all or any part of the revenues or the property of the authority to secure the payment of the bonds or any issue thereof, subject to existing agreements with bondholders;   (2) pledging all or any part of the assets of the authority, including mortgages and obligations securing them, to secure the payment of the bonds;   (3) specifying the use and disposition of the gross income from mortgages owned by the authority and payment of principal of mortgages owned by the authority;   (4) the setting aside of reserves or sinking funds in the hands of trustees, paying agents, or other depositories and the regulation and disposition of the reserves;   (5) limiting the purpose to which the proceeds of the sale of the bonds may be applied and the pledge of the proceeds to secure the payment of the bonds or of any issue thereof;   (6) limiting the issuance of additional bonds, the terms upon which additional bonds may be issued and secured, and the refunding of outstanding bonds;   (7) specifying the procedure, if any, by which the terms of any contract with bondholders may be amended or abrogated, the amount of bonds the holders of which must consent thereto, and the manner in which such consent may be given;   (8) limiting the amount of money to be expended by the authority for its operating expenses;   (9) vesting in a trustee, as the authority determines, property, rights, powers, and duties in trust;   (10) defining the acts or failures to act that will constitute a default in the obligations and duties of the authority to the bondholders and providing for the rights and remedies, consistent with the laws of the state and the provisions of this chapter, of the bondholders if a default occurs, including as a matter of right the appointment of a receiver; and   (11) specifying any other matters that in any way affect the security or protection of the bondholders.   History: En. Sec. 11, Ch. 580, L. 1983.
MT Code § 80-12-303 (2021)
2021 Montana Code Annotated|Title 80. Agriculture|Chapter 12. Montana Agricultural Loan Authority Act|Part 3. Bonds|80-12-303. Trust indenture

  80-12-303. Trust indenture. In the discretion of the authority, the bonds may be secured by a trust indenture between the authority and a corporate trustee, which may be a trust company or bank having the power of a trust company within or without the state.   History: En. Sec. 15, Ch. 580, L. 1983.
MT Code § 80-12-304 (2021)
2021 Montana Code Annotated|Title 80. Agriculture|Chapter 12. Montana Agricultural Loan Authority Act|Part 3. Bonds|80-12-304. Negotiability of bonds

  80-12-304. Negotiability of bonds. Bonds issued by the authority are negotiable instruments under the Uniform Commercial Code, subject only to the provisions for registration of bonds.   History: En. Sec. 16, Ch. 580, L. 1983.
MT Code § 80-12-305 (2021)
2021 Montana Code Annotated|Title 80. Agriculture|Chapter 12. Montana Agricultural Loan Authority Act|Part 3. Bonds|80-12-305. Tax exemption of bonds

  80-12-305. Tax exemption of bonds. Bonds issued by the authority under this chapter and their transfer and income, including any profits made on their sale, are exempt from taxation by the state or any political subdivision or other instrumentality of the state, except for estate taxes. The authority is not required to pay recording or transfer fees or taxes on instruments recorded by it.   History: En. Sec. 22, Ch. 580, L. 1983; amd. Sec. 33, Ch. 9, Sp. L. May 2000.
MT Code § 80-12-306 (2021)
2021 Montana Code Annotated|Title 80. Agriculture|Chapter 12. Montana Agricultural Loan Authority Act|Part 3. Bonds|80-12-306. Purchase of bonds -- cancellation

  80-12-306. Purchase of bonds -- cancellation. The authority, subject to existing agreements with bondholders, may from any funds available for that purpose purchase bonds of the authority, which shall thereupon be canceled, at a price not exceeding:   (1) the current redemption price plus accrued interest to the next interest payment thereon, if the bonds are then redeemable; or   (2) the redemption price applicable on the first date after purchase upon which the bonds become subject to redemption plus accrued interest to that date, if the bonds are not then redeemable.   History: En. Sec. 14, Ch. 580, L. 1983.
MT Code § 80-12-307 (2021)
2021 Montana Code Annotated|Title 80. Agriculture|Chapter 12. Montana Agricultural Loan Authority Act|Part 3. Bonds|80-12-307. Pledge against impairment of contracts

  80-12-307. Pledge against impairment of contracts. In accordance with the constitutions of the United States and the state of Montana, the state pledges that it will in no way impair the obligations of any agreement between the authority and the holders of notes and bonds issued by the authority.   History: En. Sec. 24, Ch. 580, L. 1983.
MT Code § 80-12-308 (2021)
2021 Montana Code Annotated|Title 80. Agriculture|Chapter 12. Montana Agricultural Loan Authority Act|Part 3. Bonds|80-12-308. Validity of pledge

  80-12-308. Validity of pledge. A pledge made by the authority is valid and binding from the time the pledge is made. The revenues or property pledged and thereafter received by the authority is immediately subject to the lien of the pledge without any physical delivery thereof or further act, and the lien of any pledge is valid and binding against all parties having claims of any kind in tort, contract, or otherwise against the authority, irrespective of whether such parties have notice thereof. The resolution, trust indenture, or any other instrument by which a pledge is created need not be recorded.   History: En. Sec. 12, Ch. 580, L. 1983.
MT Code § 80-12-309 (2021)
2021 Montana Code Annotated|Title 80. Agriculture|Chapter 12. Montana Agricultural Loan Authority Act|Part 3. Bonds|80-12-309. Personal liability

  80-12-309. Personal liability. The authority members and department members are not personally liable for any debt incurred by the authority.   History: En. Sec. 13, Ch. 580, L. 1983.
MT Code § 80-12-310 (2021)
2021 Montana Code Annotated|Title 80. Agriculture|Chapter 12. Montana Agricultural Loan Authority Act|Part 3. Bonds|80-12-310. Continuing validity of authority members' signatures

  80-12-310. Continuing validity of authority members' signatures. If an authority member whose signature appears on bonds or coupons ceases to be a member before the delivery of the bonds, the signature continues to be valid and sufficient for all purposes.   History: En. Sec. 17, Ch. 580, L. 1983; amd. Sec. 2621, Ch. 56, L. 2009.
MT Code § 80-12-311 (2021)
2021 Montana Code Annotated|Title 80. Agriculture|Chapter 12. Montana Agricultural Loan Authority Act|Part 3. Bonds|80-12-311. Accounts of the authority

  80-12-311. Accounts of the authority. There is an agricultural loan authority enterprise fund in the enterprise fund type provided for in 17-2-102. All funds from the proceeds of bonds issued under this chapter, fees and other money received by the authority, money appropriated by the legislature for the use of the authority in administering this chapter, and money made available from any other source for the use of the authority must be deposited in the agricultural loan authority enterprise fund except as otherwise provided by law. All funds deposited in the agricultural loan authority enterprise fund are continuously appropriated to and may be expended by the authority for the purposes authorized in this chapter.   History: En. Sec. 18, Ch. 580, L. 1983; amd. Sec. 48, Ch. 281, L. 1983.
MT Code § 80-12-312 (2021)
2021 Montana Code Annotated|Title 80. Agriculture|Chapter 12. Montana Agricultural Loan Authority Act|Part 3. Bonds|80-12-312. Reserve funds and appropriations

  80-12-312. Reserve funds and appropriations. (1) The authority shall pay into one or more capital reserve accounts any:   (a) money appropriated and made available by the state for the purpose of the fund;   (b) proceeds of sale of bonds to the extent provided in the resolutions of the authority authorizing their issuance or in any trust indenture securing their repayment; and   (c) other money that may be available to the authority for the purpose of such a fund from any other source.   (2) All amounts held in a capital reserve account must be used solely for the payment of principal, interest, and a redemption premium with respect to bonds secured in whole or in part by the account. Funds in an account may not be withdrawn at any time in an amount that reduces the amount of the account to less than the minimum capital reserve requirement established for the account except for the purpose, with respect to bonds secured in whole or in part by the account, of making payment, when due, of principal, interest, or redemption premiums for the payment of which other money pledged is not available.   History: En. Sec. 19, Ch. 580, L. 1983.
MT Code § 80-12-313 (2021)
2021 Montana Code Annotated|Title 80. Agriculture|Chapter 12. Montana Agricultural Loan Authority Act|Part 3. Bonds|80-12-313. Refunding obligations -- sale

  80-12-313. Refunding obligations -- sale. Refunding obligations issued as provided in 90-6-121 may be sold or exchanged for outstanding obligations issued under this chapter. The proceeds may be applied to the purchase, redemption, or payment of outstanding obligations. Pending the application of the proceeds to the payment of outstanding obligations, the proceeds may be invested as provided in Title 17, chapter 6, if permitted in the resolution authorizing the issuance of the refunding obligations or in the trust agreement securing them.   History: En. Sec. 20, Ch. 580, L. 1983.
MT Code § 80-12-314 (2021)
2021 Montana Code Annotated|Title 80. Agriculture|Chapter 12. Montana Agricultural Loan Authority Act|Part 3. Bonds|80-12-314. Refunding obligations -- issuance

  80-12-314. Refunding obligations -- issuance. The authority may provide for the issuance of refunding obligations to refund any obligations then outstanding that have been issued under this chapter, including the payment of any redemption premium and any interest accrued or to accrue to the date of redemption of the obligations. The issuance of obligations, the maturities and other details, the rights of the holders, and the rights, duties, and obligations of the authority are governed by the appropriate provisions of this chapter that relate to the issuance of obligations.   History: En. Sec. 21, Ch. 580, L. 1983.
MT Code § 80-12-401 (2021)
2021 Montana Code Annotated|Title 80. Agriculture|Chapter 12. Montana Agricultural Loan Authority Act|Part 4. Oversight (Repealed)|80-12-401. Repealed

  80-12-401. Repealed. Sec. 1, Ch. 39, L. 1991.   History: En. Sec. 25, Ch. 580, L. 1983.
MT Code § 80-12-402 (2021)
2021 Montana Code Annotated|Title 80. Agriculture|Chapter 12. Montana Agricultural Loan Authority Act|Part 4. Oversight (Repealed)|80-12-402. Repealed

  80-12-402. Repealed. Sec. 56, Ch. 349, L. 1993.   History: En. Sec. 26, Ch. 580, L. 1983; amd. Sec. 55, Ch. 112, L. 1991.
MT Code § 80-12-403 (2021)
2021 Montana Code Annotated|Title 80. Agriculture|Chapter 12. Montana Agricultural Loan Authority Act|Part 4. Oversight (Repealed)|80-12-403. Repealed

  80-12-403. Repealed. Sec. 56, Ch. 349, L. 1993.   History: En. Sec. 28, Ch. 580, L. 1983.
MT Code § 80-13-101 (2021)
2021 Montana Code Annotated|Title 80. Agriculture|Chapter 13. Agricultural Assistance and Counseling Program (Repealed)|Part 1. General Provisions (Repealed)|80-13-101. Repealed

  80-13-101. Repealed. Secs. 5, 8, Ch. 269, L. 1989; sec. 1, Ch. 190, L. 1991.   History: En. Sec. 1, Ch. 9, Sp. L. March 1986; amd. Sec. 1, Ch. 605, L. 1987.
MT Code § 80-13-102 (2021)
2021 Montana Code Annotated|Title 80. Agriculture|Chapter 13. Agricultural Assistance and Counseling Program (Repealed)|Part 1. General Provisions (Repealed)|80-13-102. Repealed

  80-13-102. Repealed. Secs. 5, 8, Ch. 269, L. 1989; sec. 1, Ch. 190, L. 1991.   History: En. Sec. 2, Ch. 9, Sp. L. March 1986; amd. Sec. 1, Ch. 481, L. 1987; amd. Sec. 2, Ch. 605, L. 1987; amd. Sec. 1, Ch. 269, L. 1989.
MT Code § 80-13-103 (2021)
2021 Montana Code Annotated|Title 80. Agriculture|Chapter 13. Agricultural Assistance and Counseling Program (Repealed)|Part 1. General Provisions (Repealed)|80-13-103. Repealed

  80-13-103. Repealed. Secs. 5, 8, Ch. 269, L. 1989; sec. 1, Ch. 190, L. 1991.   History: En. Sec. 3, Ch. 9, Sp. L. March 1986; amd. Sec. 3, Ch. 605, L. 1987; amd. Sec. 2, Ch. 269, L. 1989.
MT Code § 80-13-104 (2021)
2021 Montana Code Annotated|Title 80. Agriculture|Chapter 13. Agricultural Assistance and Counseling Program (Repealed)|Part 1. General Provisions (Repealed)|80-13-104. Repealed

  80-13-104. Repealed. Secs. 5, 8, Ch. 269, L. 1989; sec. 1, Ch. 190, L. 1991.   History: En. Sec. 4, Ch. 9, Sp. L. March 1986; amd. Sec. 4, Ch. 605, L. 1987; (4)En. Sec. 6, Ch. 605, L. 1987; amd. Sec. 3, Ch. 269, L. 1989.
MT Code § 80-13-105 (2021)
2021 Montana Code Annotated|Title 80. Agriculture|Chapter 13. Agricultural Assistance and Counseling Program (Repealed)|Part 1. General Provisions (Repealed)|80-13-105. through 80-13-110 reserved

  80-13-105 through 80-13-110 reserved.
MT Code § 80-13-111 (2021)
2021 Montana Code Annotated|Title 80. Agriculture|Chapter 13. Agricultural Assistance and Counseling Program (Repealed)|Part 1. General Provisions (Repealed)|80-13-111. Repealed

  80-13-111. Repealed. Secs. 5, 8, Ch. 269, L. 1989; sec. 1, Ch. 190, L. 1991.   History: En. Sec. 5, Ch. 9, Sp. L. March 1986; amd. Sec. 5, Ch. 605, L. 1987.
MT Code § 80-13-201 (2021)
2021 Montana Code Annotated|Title 80. Agriculture|Chapter 13. Agricultural Assistance and Counseling Program (Repealed)|Part 2. Mediation of Farmer's Indebtedness (Repealed)|80-13-201. Repealed

  80-13-201. Repealed. Secs. 5, 8, Ch. 269, L. 1989; sec. 1, Ch. 190, L. 1991.   History: En. Sec. 6, Ch. 9, Sp. L. March 1986.
MT Code § 80-13-202 (2021)
2021 Montana Code Annotated|Title 80. Agriculture|Chapter 13. Agricultural Assistance and Counseling Program (Repealed)|Part 2. Mediation of Farmer's Indebtedness (Repealed)|80-13-202. Repealed

  80-13-202. Repealed. Secs. 5, 8, Ch. 269, L. 1989; sec. 1, Ch. 190, L. 1991.   History: En. Sec. 7, Ch. 9, Sp. L. March 1986.
MT Code § 80-13-203 (2021)
2021 Montana Code Annotated|Title 80. Agriculture|Chapter 13. Agricultural Assistance and Counseling Program (Repealed)|Part 2. Mediation of Farmer's Indebtedness (Repealed)|80-13-203. Repealed

  80-13-203. Repealed. Secs. 5, 8, Ch. 269, L. 1989; sec. 1, Ch. 190, L. 1991.   History: En. Sec. 8, Ch. 9, Sp. L. March 1986.