reglab/statecodes huggingface dataset:
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 Montana Code Annotated › Title 71. Mortgages, Pledges, and Liens › Chapter 1. Mortgages › Part 3. Small Tract Financing › 71-1-320. Trustees' fees and attorneys' fees

71-1-320. Trustees' fees and attorneys' fees.
Reasonable trustees' fees and attorneys' fees to be charged to the grantor in the event of foreclosure by advertisement and sale shall not exceed, in the aggregate, 5% of the amount due on the obligation, both principal and interest, at the time of the trustee's sale. If prior to the trustee's sale the obligation and the trust indenture shall be reinstated in accordance with provisions of 71-1-312, the reasonable trustees' fees and attorneys' fees to be charged to the grantor shall not exceed the lesser of $1,000 or 1% of the amount due on the obligation, both principal and interest, at the time of default. In no event shall trustees' fees and attorneys' fees be charged to a grantor on account of any services rendered prior to the commencement of foreclosure.
History: En. Sec. 16, Ch. 177, L. 1963; R.C.M. 1947, 52-416; amd. Sec. 2, Ch. 55, L. 1983.
2023 Montana Code Annotated › Title 71. Mortgages, Pledges, and Liens › Chapter 1. Mortgages › Part 3. Small Tract Financing › 71-1-321. Deeds of trust and trust deeds not invalidated

71-1-321. Deeds of trust and trust deeds not invalidated.
The Small Tract Financing Act of Montana does not invalidate or preclude the use in this state of instruments, sometimes denominated deeds of trust, trust deeds, or trust indentures, which are not executed in conformity with this part, but in which a conveyance for security purposes is made to a trustee or trustees for the benefit of one or more lenders. Such instruments are considered to be mortgages and are subject to all laws relating to mortgages on real property. Every such instrument, recorded as prescribed by law, from the time it is filed for record is constructive notice of its contents to subsequent purchasers and encumbrancers.
History: En. Sec. 1, Ch. 362, L. 1979.
2023 Montana Code Annotated › Title 71. Mortgages, Pledges, and Liens › Chapter 2. Pledges › Part 1. Pledges in General › 71-2-101. Definitions

71-2-101. Definitions.
(1) "Pledge" is a deposit of personal property by way of security for the performance of another's act.
(2) A pledgor and pledgee may agree upon a third person with whom to deposit the property pledged, who, if the third person accepts the deposit, is called a "pledge holder".
History: (1)En. Sec. 3890, Civ. C. 1895; re-en. Sec. 5774, Rev. C. 1907; re-en. Sec. 8292, R.C.M. 1921; Cal. Civ. C. Sec. 2986; Field Civ. C. Sec. 1647; re-en. Sec. 8292, R.C.M. 1935; Sec. 65-101, R.C.M. 1947; (2)En. Sec. 3897, Civ. C. 1895; re-en. Sec. 5781, Rev. C. 1907; re-en. Sec. 8299, R.C.M. 1921; Cal. Civ. C. Sec. 2993; Field Civ. C. Sec. 1654; re-en. Sec. 8299, R.C.M. 1935; Sec. 65-108, R.C.M. 1947; R.C.M. 1947, 65-101, 65-108; amd. Sec. 2254, Ch. 56, L. 2009.
2023 Montana Code Annotated › Title 71. Mortgages, Pledges, and Liens › Chapter 2. Pledges › Part 1. Pledges in General › 71-2-102. When contract considered a pledge

71-2-102. When contract considered a pledge.
Every contract by which the possession of personal property is transferred as security only is to be deemed a pledge.
History: En. Sec. 3891, Civ. C. 1895; re-en. Sec. 5775, Rev. C. 1907; re-en. Sec. 8293, R.C.M. 1921; Cal. Civ. C. Sec. 2987; Field Civ. C. Sec. 1648; re-en. Sec. 8293, R.C.M. 1935; R.C.M. 1947, 65-102.
2023 Montana Code Annotated › Title 71. Mortgages, Pledges, and Liens › Chapter 2. Pledges › Part 1. Pledges in General › 71-2-103. Delivery required

71-2-103. Delivery required.
The lien of a pledge is dependent on possession, and no pledge is valid until the property pledged is delivered to the pledgee or to a pledge holder, as hereafter prescribed.
History: En. Sec. 3892, Civ. C. 1895; re-en. Sec. 5776, Rev. C. 1907; re-en. Sec. 8294, R.C.M. 1921; Cal. Civ. C. Sec. 2988; Field Civ. C. Sec. 1649; re-en. Sec. 8294, R.C.M. 1935; R.C.M. 1947, 65-103.
2023 Montana Code Annotated › Title 71. Mortgages, Pledges, and Liens › Chapter 2. Pledges › Part 1. Pledges in General › 71-2-104. Pledgee or pledge holder for reward

71-2-104. Pledgee or pledge holder for reward.
A pledgee or a pledge holder for reward assumes the duties and liabilities of a depositary for reward.
History: En. Sec. 3901, Civ. C. 1895; re-en. Sec. 5785, Rev. C. 1907; re-en. Sec. 8303, R.C.M. 1921; Cal. Civ. C. Sec. 2997; Field Civ. C. Sec. 1658; re-en. Sec. 8303, R.C.M. 1935; R.C.M. 1947, 65-112.
2023 Montana Code Annotated › Title 71. Mortgages, Pledges, and Liens › Chapter 2. Pledges › Part 1. Pledges in General › 71-2-105. Gratuitous pledge holder

71-2-105. Gratuitous pledge holder.
A gratuitous pledge holder assumes the duties and liabilities of a gratuitous depositary.
History: En. Sec. 3902, Civ. C. 1895; re-en. Sec. 5786, Rev. C. 1907; re-en. Sec. 8304, R.C.M. 1921; Cal. Civ. C. Sec. 2998; Field Civ. C. Sec. 1659; re-en. Sec. 8304, R.C.M. 1935; R.C.M. 1947, 65-113.
2023 Montana Code Annotated › Title 71. Mortgages, Pledges, and Liens › Chapter 2. Pledges › Part 1. Pledges in General › 71-2-106. Obligations of pledge holder

71-2-106. Obligations of pledge holder.
(1) A pledge holder for reward may not be self-exonerated from the pledge holder's undertaking. A gratuitous pledge holder may be self-exonerated only by giving reasonable notice to the pledgor and pledgee to appoint a new pledge holder and, if they fail to agree, by depositing the property pledged with some impartial person, who will then be entitled to a reasonable compensation for that person's care of the property.
(2) A pledge holder shall enforce all the rights of the pledgee unless authorized by the pledgee to waive those rights.
History: (1)En. Sec. 3899, Civ. C. 1895; re-en. Sec. 5783, Rev. C. 1907; re-en. Sec. 8301, R.C.M. 1921; Cal. Civ. C. Sec. 2995; Field Civ. C. Sec. 1656; re-en. Sec. 8301, R.C.M. 1935; Sec. 65-110, R.C.M. 1947; (2)En. Sec. 3900, Civ. C. 1895; re-en. Sec. 5784, Rev. C. 1907; re-en. Sec. 8302, R.C.M. 1921; Cal. Civ. C. Sec. 2996; Field Civ. C. Sec. 1657; re-en. Sec. 8302, R.C.M. 1935; Sec. 65-111, R.C.M. 1947; R.C.M. 1947, 65-110, 65-111; amd. Sec. 2255, Ch. 56, L. 2009.
2023 Montana Code Annotated › Title 71. Mortgages, Pledges, and Liens › Chapter 2. Pledges › Part 1. Pledges in General › 71-2-107. Property pledged to extent of lien

71-2-107. Property pledged to extent of lien.
A person who has a lien upon property may pledge it to the extent of the person's lien.
History: En. Sec. 3894, Civ. C. 1895; re-en. Sec. 5778, Rev. C. 1907; re-en. Sec. 8296, R.C.M. 1921; Cal. Civ. C. Sec. 2990; Field Civ. C. Sec. 1651; re-en. Sec. 8296, R.C.M. 1935; R.C.M. 1947, 65-105; amd. Sec. 2256, Ch. 56, L. 2009.
2023 Montana Code Annotated › Title 71. Mortgages, Pledges, and Liens › Chapter 2. Pledges › Part 1. Pledges in General › 71-2-108. When pledge may not be withdrawn

71-2-108. When pledge may not be withdrawn.
A person who pledges property as security for the obligation of another cannot withdraw the property pledged except in the manner that a personal pledgor might, and if the person receives from the debtor a consideration for the pledge, the person may not withdraw it without the debtor's consent.
History: En. Sec. 3898, Civ. C. 1895; re-en. Sec. 5782, Rev. C. 1907; re-en. Sec. 8300, R.C.M. 1921; Cal. Civ. C. Sec. 2994; Field Civ. C. Sec. 1655; re-en. Sec. 8300, R.C.M. 1935; R.C.M. 1947, 65-109; amd. Sec. 2257, Ch. 56, L. 2009.
2023 Montana Code Annotated › Title 71. Mortgages, Pledges, and Liens › Chapter 2. Pledges › Part 1. Pledges in General › 71-2-109. When real owner cannot defeat pledge

71-2-109. When real owner cannot defeat pledge.
A person who has allowed another to assume the apparent ownership of property for the purpose of making any transfer of it may not set up the person's own title to defeat a pledge of the property made by the other to a pledgee who received the property in good faith in the ordinary course of business and for value.
History: En. Sec. 3895, Civ. C. 1895; re-en. Sec. 5779, Rev. C. 1907; re-en. Sec. 8297, R.C.M. 1921; Cal. Civ. C. Sec. 2991; Field Civ. C. Sec. 1652; re-en. Sec. 8297, R.C.M. 1935; R.C.M. 1947, 65-106; amd. Sec. 2258, Ch. 56, L. 2009.
2023 Montana Code Annotated › Title 71. Mortgages, Pledges, and Liens › Chapter 2. Pledges › Part 1. Pledges in General › 71-2-110. Debtor's misrepresentation of value of pledge

71-2-110. Debtor's misrepresentation of value of pledge.
When a debtor has obtained credit or an extension of time by a fraudulent misrepresentation of the value of property pledged by or for the debtor, the creditor may demand a further pledge to correspond with the value represented and in default of a further pledge may recover the debt immediately, though it is not actually due.
History: En. Sec. 3903, Civ. C. 1895; re-en. Sec. 5787, Rev. C. 1907; re-en. Sec. 8305, R.C.M. 1921; Cal. Civ. C. Sec. 2999; Field Civ. C. Sec. 1660; re-en. Sec. 8305, R.C.M. 1935; R.C.M. 1947, 65-114; amd. Sec. 2259, Ch. 56, L. 2009.
2023 Montana Code Annotated › Title 71. Mortgages, Pledges, and Liens › Chapter 3. Liens › Part 1. General Provisions › 71-3-101. Definitions

71-3-101. Definitions.
For purposes of this part, the following definitions apply:
(1) A "general lien" is one which the holder of the lien is entitled to enforce as a security for the performance of all the obligations or all of a particular class of obligations that exist in the holder's favor against the owner of the property.
(2) A "lien" is a charge imposed in some mode other than by a transfer in trust upon specific property by which it is made security for the performance of an act. Liens are either general or special.
(3) A "special lien" is one that the holder of the lien can enforce only as security for the performance of a particular act or obligation and of the obligations that may be incidental to the particular act or obligation.
History: (1)Ap. p. Sec. 3730, Civ. C. 1895; re-en. Sec. 5704, Rev. C. 1907; re-en. Sec. 8219, R.C.M. 1921; Cal. Civ. C. Sec. 2872; Based on Field Civ. C. Sec. 1582; re-en. Sec. 8219, R.C.M. 1935; Sec. 45-101, R.C.M. 1947; Ap. p. Sec. 3731, Civ. C. 1895; re-en. Sec. 5705, Rev. C. 1907; re-en. Sec. 8220, R.C.M. 1921; Cal. Civ. C. Sec. 2873; Field Civ. C. Sec. 1583; re-en. Sec. 8220, R.C.M. 1935; Sec. 45-102, R.C.M. 1947; (2)En. Sec. 3732, Civ. C. 1895; re-en. Sec. 5706, Rev. C. 1907; re-en. Sec. 8221, R.C.M. 1921; Cal. Civ. C. Sec. 2874; Field Civ. C. Sec. 1584; re-en. Sec. 8221, R.C.M. 1935; Sec. 45-103, R.C.M. 1947; (3)En. Sec. 3733, Civ. C. 1895; re-en. Sec. 5707, Rev. C. 1907; re-en. Sec. 8222, R.C.M. 1921; Cal. Civ. C. Sec. 2875; Field Civ. C. Sec. 1585; re-en. Sec. 8222, R.C.M. 1935; Sec. 45-104, R.C.M. 1947; R.C.M. 1947, 45-101, 45-102, 45-103, 45-104; amd. Sec. 2260, Ch. 56, L. 2009.
2023 Montana Code Annotated › Title 71. Mortgages, Pledges, and Liens › Chapter 3. Liens › Part 1. General Provisions › 71-3-102. How liens created

71-3-102. How liens created.
A lien is created:
(1) by contract of the parties; or
(2) by operation of law.
History: En. Sec. 3740, Civ. C. 1895; re-en. Sec. 5710, Rev. C. 1907; re-en. Sec. 8225, R.C.M. 1921; Cal. Civ. C. Sec. 2881; Field Civ. C. Sec. 1587; re-en. Sec. 8225, R.C.M. 1935; R.C.M. 1947, 45-107.
2023 Montana Code Annotated › Title 71. Mortgages, Pledges, and Liens › Chapter 3. Liens › Part 1. General Provisions › 71-3-103. No lien for claim not due

71-3-103. No lien for claim not due.
No lien arises by mere operation of law until the time at which the act to be secured thereby ought to be performed.
History: En. Sec. 3741, Civ. C. 1895; re-en. Sec. 5711, Rev. C. 1907; re-en. Sec. 8226, R.C.M. 1921; Cal. Civ. C. Sec. 2882; Field Civ. C. Sec. 1588; re-en. Sec. 8226, R.C.M. 1935; R.C.M. 1947, 45-108.
2023 Montana Code Annotated › Title 71. Mortgages, Pledges, and Liens › Chapter 3. Liens › Part 1. General Provisions › 71-3-104. Lien by agreement

71-3-104. Lien by agreement.
A lien may be created by contract, to take immediate effect, as security for the performance of obligations not then in existence.
History: En. Sec. 3743, Civ. C. 1895; re-en. Sec. 5713, Rev. C. 1907; re-en. Sec. 8228, R.C.M. 1921; Cal. Civ. C. Sec. 2884; Field Civ. C. Sec. 1590; re-en. Sec. 8228, R.C.M. 1935; R.C.M. 1947, 45-110.
2023 Montana Code Annotated › Title 71. Mortgages, Pledges, and Liens › Chapter 3. Liens › Part 1. General Provisions › 71-3-105. Lien on future interest

71-3-105. Lien on future interest.
An agreement may be made to create a lien upon property not yet acquired by the party agreeing to give the lien or not yet in existence. Except as otherwise provided by the Uniform Commercial Code, in such case the lien agreed for attaches from the time when the party agreeing to give it acquires an interest in the thing, to the extent of such interest.
History: En. Sec. 3742, Civ. C. 1895; re-en. Sec. 5712, Rev. C. 1907; re-en. Sec. 8227, R.C.M. 1921; Cal. Civ. C. Sec. 2883; Field Civ. C. Sec. 1589; re-en. Sec. 8227, R.C.M. 1935; amd. Sec. 11-118, Ch. 264, L. 1963; R.C.M. 1947, 45-109.
2023 Montana Code Annotated › Title 71. Mortgages, Pledges, and Liens › Chapter 3. Liens › Part 1. General Provisions › 71-3-106. Extent of lien

71-3-106. Extent of lien.
The existence of a lien upon property does not of itself entitle the person in whose favor it exists to a lien upon the same property for the performance of any other obligation than that which the lien originally secured.
History: En. Sec. 3753, Civ. C. 1895; re-en. Sec. 5717, Rev. C. 1907; re-en. Sec. 8232, R.C.M. 1921; Cal. Civ. C. Sec. 2891; Field Civ. C. Sec. 1594; re-en. Sec. 8232, R.C.M. 1935; R.C.M. 1947, 45-114.
2023 Montana Code Annotated › Title 71. Mortgages, Pledges, and Liens › Chapter 3. Liens › Part 1. General Provisions › 71-3-107. Prior liens

71-3-107. Prior liens.
When the holder of a special lien is compelled to satisfy a prior lien for the holder's own protection, the holder may enforce payment of the amount paid as a part of the claim for which the holder's own lien exists.
History: En. Sec. 3734, Civ. C. 1895; re-en. Sec. 5708, Rev. C. 1907; re-en. Sec. 8223, R.C.M. 1921; Cal. Civ. C. Sec. 2876; re-en. Sec. 8223, R.c.M. 1935; R.C.M. 1947, 45-105; amd. Sec. 2261, Ch. 56, L. 2009.
2023 Montana Code Annotated › Title 71. Mortgages, Pledges, and Liens › Chapter 3. Liens › Part 1. General Provisions › 71-3-108. Lien or contract for lien transfers no title

71-3-108. Lien or contract for lien transfers no title.
Notwithstanding an agreement to the contrary, a lien or a contract for a lien transfers no title to the property subject to the lien.
History: En. Sec. 3750, Civ. C. 1895; re-en. Sec. 5714, Rev. C. 1907; re-en. Sec. 8229, R.C.M. 1921; Cal. Civ. C. Sec. 2888; Field Civ. C. Sec. 1591; re-en. Sec. 8229, R.C.M. 1935; R.C.M. 1947, 45-111.
2023 Montana Code Annotated › Title 71. Mortgages, Pledges, and Liens › Chapter 3. Liens › Part 1. General Provisions › 71-3-109. Certain contracts void

71-3-109. Certain contracts void.
Except as otherwise provided by the Uniform Commercial Code, all contracts for the forfeiture of property subject to a lien in satisfaction of the obligation secured thereby and all contracts in restraint of the right of redemption from a lien are void.
History: En. Sec. 3751, Civ. C. 1895; re-en. Sec. 5715, Rev. C. 1907; re-en. Sec. 8230, R.C.M. 1921; Cal. Civ. C. Sec. 2889; Based on Field Civ. C. Sec. 1592; re-en. Sec. 8230, R.C.M. 1935; amd. Sec. 11-119, Ch. 264, L. 1963; R.C.M. 1947, 45-112.
2023 Montana Code Annotated › Title 71. Mortgages, Pledges, and Liens › Chapter 3. Liens › Part 1. General Provisions › 71-3-110. Enforcement of obligation by creditor

71-3-110. Enforcement of obligation by creditor.
The existence of a lien, as security for the performance of an obligation, does not affect the right of the creditor to enforce the obligation without regard to the lien.
History: En. Sec. 3754, Civ. C. 1895; re-en. Sec. 5718, Rev. C. 1907; re-en. Sec. 8233, R.C.M. 1921; Field Civ. C. Sec. 1595; re-en. Sec. 8233, R.C.M. 1935; R.C.M. 1947, 45-115.
2023 Montana Code Annotated › Title 71. Mortgages, Pledges, and Liens › Chapter 3. Liens › Part 1. General Provisions › 71-3-111. Creation of lien not a personal obligation

71-3-111. Creation of lien not a personal obligation.
The creation of a lien does not itself imply that any person is bound to perform the act for which the lien is a security.
History: En. Sec. 3752, Civ. C. 1895; re-en. Sec. 5716, Rev. C. 1907; re-en. Sec. 8231, R.C.M. 1921; Cal. Civ. C. Sec. 2890; Field Civ. C. Sec. 1593; re-en. Sec. 8231, R.C.M. 1935; R.C.M. 1947, 45-113.
2023 Montana Code Annotated › Title 71. Mortgages, Pledges, and Liens › Chapter 3. Liens › Part 1. General Provisions › 71-3-112. Holder of lien not entitled to compensation

71-3-112. Holder of lien not entitled to compensation.
Except as otherwise provided by the Uniform Commercial Code, one who holds property by virtue of a lien on the property is not entitled to compensation from the owner of the property for any trouble or expense that the person incurs respecting the property, except to the same extent as a borrower under 70-7-110 and 70-7-111.
History: En. Sec. 3755, Civ. C. 1895; re-en. Sec. 5719, Rev. C. 1907; re-en. Sec. 8234, R.C.M. 1921; Cal. Civ. C. Sec. 2892; Field Civ. C. Sec. 1596; re-en. Sec. 8234, R.C.M. 1935; amd. Sec. 11-120, Ch. 264, L. 1963; R.C.M. 1947, 45-116; amd. Sec. 2262, Ch. 56, L. 2009.
2023 Montana Code Annotated › Title 71. Mortgages, Pledges, and Liens › Chapter 3. Liens › Part 1. General Provisions › 71-3-113. Priority of liens

71-3-113. Priority of liens.
Other things being equal, different liens upon the same property have priority according to the time of their creation.
History: En. Sec. 3770, Civ. C. 1895; re-en. Sec. 5720, Rev. C. 1907; re-en. Sec. 8235, R.C.M. 1921; Cal. Civ. C. Sec. 2897; Based on Field Civ. C. Sec. 1597; re-en. Sec. 8235, R.C.M. 1935; R.C.M. 1947, 45-201.
2023 Montana Code Annotated › Title 71. Mortgages, Pledges, and Liens › Chapter 3. Liens › Part 1. General Provisions › 71-3-114. Priority of purchase money mortgage

71-3-114. Priority of purchase money mortgage.
Except as otherwise provided by law, a mortgage given for the price of real property at the time of its conveyance has priority over all other liens created against the purchaser, subject to the operation of the recording laws.
History: En. Sec. 3771, Civ. C. 1895; re-en. Sec. 5721, Rev. C. 1907; re-en. Sec. 8236, R.C.M. 1921; Cal. Civ. C. Sec. 2898; re-en. Sec. 8236, R.C.M. 1935; R.C.M. 1947, 45-202.
2023 Montana Code Annotated › Title 71. Mortgages, Pledges, and Liens › Chapter 3. Liens › Part 1. General Provisions › 71-3-115. Order of resort to different funds

71-3-115. Order of resort to different funds.
When a person has a lien upon several things and other persons have subordinate liens upon or interests in some but not all of the same things, the person having the prior lien, if the prior lienor can do so without risk of personal loss or of injustice to other persons, shall resort to the property in the following order, on the demand of any interested party:
(1) to the things upon which the person has an exclusive lien;
(2) to the things that are subject to the fewest subordinate liens;
(3) in the same manner inversely to the number of subordinate liens upon the same thing; and
(4) when several things are within one of the classes described in subsections (2) and (3) and subject to the same number of liens, resort must be had:
(a) first, to the things that have not been transferred since the prior lien was created;
(b) second, to the things that have been transferred since the prior lien was created without a valuable consideration; and
(c) third, to the things that have been transferred for a valuable consideration in the inverse order of the transfer.
History: En. Sec. 3772, Civ. C. 1895; re-en. Sec. 5722, Rev. C. 1907; re-en. Sec. 8237, R.C.M. 1921; Cal. Civ. C. Sec. 2899; Based on Field Civ. C. Sec. 1599; re-en. Sec. 8237, R.C.M. 1935; R.C.M. 1947, 45-203; amd. Sec. 2263, Ch. 56, L. 2009.
2023 Montana Code Annotated › Title 71. Mortgages, Pledges, and Liens › Chapter 3. Liens › Part 1. General Provisions › 71-3-116. Redemption

71-3-116. Redemption.
Redemption from a lien is made by performing or offering to perform the act for the performance of which it is a security and paying or offering to pay the damages, if any, to which the holder of the lien is entitled for delay.
History: En. Sec. 3782, Civ. C. 1895; re-en. Sec. 5725, Rev. C. 1907; re-en. Sec. 8240, R.C.M. 1921; Cal. Civ. C. Sec. 2905; Field Civ. C. Sec. 1602; re-en. Sec. 8240, R.C.M. 1935; R.C.M. 1947, 45-303.
2023 Montana Code Annotated › Title 71. Mortgages, Pledges, and Liens › Chapter 3. Liens › Part 1. General Provisions › 71-3-117. Right to redeem

71-3-117. Right to redeem.
Except as otherwise provided by the Uniform Commercial Code, a person having an interest in property subject to a lien has a right to redeem it from the lien at any time after the claim is due and before the person's right of redemption is foreclosed.
History: En. Sec. 3780, Civ. C. 1895; re-en. Sec. 5723, Rev. C. 1907; re-en. Sec. 8238, R.C.M. 1921; Cal. Civ. C. Sec. 2903; re-en. Sec. 8238, R.C.M. 1935; amd. Sec. 11-121, Ch. 264, L. 1963; R.C.M. 1947, 45-301; amd. Sec. 2264, Ch. 56, L. 2009.
2023 Montana Code Annotated › Title 71. Mortgages, Pledges, and Liens › Chapter 3. Liens › Part 1. General Provisions › 71-3-118. Rights of inferior lienor

71-3-118. Rights of inferior lienor.
A person who has a lien inferior to another upon the same property has a right to:
(1) redeem the property in the same manner as its owner might from the superior lien; and
(2) be subrogated to all the benefits of the superior lien, when necessary for the protection of the person's interests, upon satisfying the claim secured by the superior lien.
History: En. Sec. 3781, Civ. C. 1895; re-en. Sec. 5724, Rev. C. 1907; re-en. Sec. 8239, R.C.M. 1921; Cal. Civ. C. Sec. 2904; Field Civ. C. Sec. 1601; re-en. Sec. 8239, R.C.M. 1935; R.C.M. 1947, 45-302; amd. Sec. 2265, Ch. 56, L. 2009.
2023 Montana Code Annotated › Title 71. Mortgages, Pledges, and Liens › Chapter 3. Liens › Part 1. General Provisions › 71-3-119. Lien accessory to performance

71-3-119. Lien accessory to performance.
A lien is to be accessory to the act for the performance of which it is a security, whether any person is bound for such performance or not, and is extinguishable in like manner with any other accessory obligation.
History: En. Sec. 3790, Civ. C. 1895; re-en. Sec. 5726, Rev. C. 1907; re-en. Sec. 8241, R.C.M. 1921; Cal. Civ. C. Sec. 2909; re-en. Sec. 8241, R.C.M. 1935; R.C.M. 1947, 45-304.
2023 Montana Code Annotated › Title 71. Mortgages, Pledges, and Liens › Chapter 3. Liens › Part 1. General Provisions › 71-3-120. Effect of partial performance

71-3-120. Effect of partial performance.
The partial performance of an act secured by a lien does not extinguish the lien upon any part of the property subject thereto, even if it is divisible.
History: En. Sec. 3793, Civ. C. 1895; re-en. Sec. 5729, Rev. C. 1907; re-en. Sec. 8244, R.C.M. 1921; Cal. Civ. C. Sec. 2912; Field Civ. C. Sec. 1606; re-en. Sec. 8244, R.C.M. 1935; R.C.M. 1947, 45-307.
2023 Montana Code Annotated › Title 71. Mortgages, Pledges, and Liens › Chapter 3. Liens › Part 1. General Provisions › 71-3-121. Extinction by sale or wrongful conversion

71-3-121. Extinction by sale or wrongful conversion.
The sale of any property on which there is a lien in satisfaction of the claim secured thereby or, in case of personal property, its wrongful conversion by the person holding the lien extinguishes the lien thereon.
History: En. Sec. 3791, Civ. C. 1895; re-en. Sec. 5727, Rev. C. 1907; re-en. Sec. 8242, R.C.M. 1921; Cal. Civ. C. Sec. 2910; Field Civ. C. Sec. 1604; re-en. Sec. 8242, R.C.M. 1935; R.C.M. 1947, 45-305.
2023 Montana Code Annotated › Title 71. Mortgages, Pledges, and Liens › Chapter 3. Liens › Part 1. General Provisions › 71-3-122. Lien extinguished by statute of limitations

71-3-122. Lien extinguished by statute of limitations.
A lien is extinguished by the lapse of the time within which, under the provisions of Title 27, an action can be brought upon the principal obligation.
History: En. Sec. 3792, Civ. C. 1895; re-en. Sec. 5728, Rev. C. 1907; re-en. Sec. 8243, R.C.M. 1921; Cal. Civ. C. Sec. 2911; Field Civ. C. Sec. 1605; re-en. Sec. 8243, R.C.M. 1935; R.C.M. 1947, 45-306.
2023 Montana Code Annotated › Title 71. Mortgages, Pledges, and Liens › Chapter 3. Liens › Part 1. General Provisions › 71-3-123. When restoration extinguishes lien

71-3-123. When restoration extinguishes lien.
Except as otherwise provided by the Uniform Commercial Code, the voluntary restoration of property to its owner by the holder of a lien thereon, dependent upon possession, extinguishes the lien as to such property, unless otherwise agreed by the parties, and extinguishes it, notwithstanding any such agreement, as to creditors of the owner and persons subsequently acquiring a title to the property or a lien thereon in good faith and for a good consideration.
History: En. Sec. 3794, Civ. C. 1895; re-en. Sec. 5730, Rev. C. 1907; re-en. Sec. 8245, R.C.M. 1921; Cal. Civ. C. Sec. 2913; Based on Field Civ. C. Sec. 1607; re-en. Sec. 8246, R.C.M. 1935; amd. Sec. 11-122, Ch. 264, L. 1963; R.C.M. 1947, 45-308.
2023 Montana Code Annotated › Title 71. Mortgages, Pledges, and Liens › Chapter 3. Liens › Part 1. General Provisions › 71-3-124. Filing costs and attorney fees to be recovered on foreclosure of liens -- offer of judgment

71-3-124. Filing costs and attorney fees to be recovered on foreclosure of liens -- offer of judgment.
(1) In an action to foreclose any of the liens provided for in Title 71, chapter 3, part 3, 4, 5, 6, 8, 10, or 16, the court shall allow as costs the money paid and attorney fees incurred for filing and recording the lien and reasonable attorney fees in the district and supreme courts. 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 the lien is not established.
(2) In an action to foreclose any of the liens provided for in Title 71, chapter 3, part 3, 4, 5, 6, 8, 10, or 16, a defendant may make an offer of judgment as authorized in Rule 68, M.R.Civ.P. If the lienholder rejects the offer to allow judgment to be taken against the defendant and the lienholder obtains a judgment that is not more favorable than the offer, the lienholder shall, in addition to the costs allowed under Rule 68, M.R.Civ.P., pay the attorney fees incurred after the offer is made.
History: Ap. p. Sec. 1863, C. Civ. Proc. 1895; re-en. Sec. 7166, Rev. C. 1907; amd. Sec. 1, Ch. 100, L. 1921; re-en. Sec. 9799, R.C.M. 1921; amd. Sec. 1, Ch. 69, L. 1925; amd. Sec. 1, Ch. 19, L. 1929; re-en. Sec. 9799, R.C.M. 1935; Sec. 93-8614, R.C.M. 1947; Ap. p. Sec. 1, Ch. 27, L. 1923; re-en. Sec. 9799.1, R.C.M. 1935; Sec. 93-8615, R.C.M. 1947; Ap. p. Sec. 1864, C. Civ. Proc. 1895; re-en. Sec. 7167, Rev. C. 1907; re-en. Sec. 9800, R.C.M. 1921; re-en. Sec. 9800, R.C.M. 1935; Sec. 93-8616, R.C.M. 1947; Ap. p. Sec. 15, p. 131, L. 1899; re-en. Sec. 5833, Rev. C. 1907; re-en. Sec. 8332, R.C.M. 1921; re-en. Sec. 8332, R.C.M. 1935; Sec. 45-415, R.C.M. 1947; Ap. p. Sec. 9, Ch. 196, L. 1935; re-en. Sec. 8374.9, R.C.M. 1935; Sec. 45-909, R.C.M. 1947; Ap. p. Sec. 1, Ch. 17, L. 1915; re-en. Sec. 8352, R.C.M. 1921; re-en. Sec. 8352, R.C.M. 1935; Sec. 45-602, R.C.M. 1947; R.C.M. 1947, 45-415(part), 45-602, 45-909, 93-8614, 93-8615, 93-8616; amd. Sec. 1, Ch. 240, L. 1999; amd. Sec. 8, Ch. 367, L. 2009.
2023 Montana Code Annotated › Title 71. Mortgages, Pledges, and Liens › Chapter 3. Liens › Part 1. General Provisions › 71-3-125. Filing of agricultural lien statements

71-3-125. Filing of agricultural lien statements.
(1) Unless a statement of an agricultural lien has been filed in the office of the secretary of state as provided in this chapter, a buyer who, in ordinary course of business as defined in 30-1-201(2)(j), buys a farm product takes it free of any lien created by this chapter even though the lien is otherwise perfected.
(2) A statement of an agricultural lien is sufficient if it:
(a) gives the names and addresses of the debtor and lienor;
(b) describes the type of lien and its statutory authority;
(c) describes the collateral;
(d) contains the notation by the secretary of state of the date of filing and filing number;
(e) is signed by the lienor;
(f) describes the service or product furnished. If the collateral is farm products, the statement must state the county in which the farm products are located, designated by type of farm product.
(g) states the price or wage agreed upon or, if the price or wage was not agreed upon, the reasonable value of the service or product furnished;
(h) states the amount remaining unpaid;
(i) states the terms and period of employment if it is a farm laborer's lien filed pursuant to part 4 of this chapter;
(j) describes the land upon which seed or grain was or will be sown, planted, or used if it is a lien for seed or grain filed pursuant to part 7 of this chapter;
(k) describes the land upon which the grain or crops were grown and the place the grain or crops are presently stored if it is a thresher's lien filed pursuant to part 8 of this chapter;
(l) describes the land upon which the service was performed if it is a lien for spraying or dusting filed pursuant to part 9 of this chapter; and
(m) states the starting date of insurance coverage if it is a lien filed pursuant to part 7 of this chapter.
(3) The agricultural lien statement must be in the form prescribed by the secretary of state.
(4) The secretary of state shall:
(a) record the agricultural lien statement on the centralized computer system as set forth in 30-9A-501; and
(b) establish fees for such recordings as set forth in 30-9A-525.
(5) For the purposes of this section, an agricultural lien means a lien under part 4, 7, 8, or 9 of this chapter.
(6) A statement of an agricultural lien or continuation statement that has been filed at the office of the county clerk and recorder lapses on March 31, 1990, unless prior to that date there is filed in the office of the secretary of state a certified copy of the statement and all related documents on file with the county clerk and recorder.
History: En. Sec. 1, Ch. 295, L. 1987; amd. Sec. 1, Ch. 529, L. 1989; amd. Sec. 3, Ch. 335, L. 1993; amd. Sec. 153, Ch. 305, L. 1999; amd. Sec. 89, Ch. 575, L. 2005.