§ 71-1-301 Short title
§ 71-1-302 Policy
§ 71-1-303 Definitions
§ 71-1-304 Trust indentures authorized — power of sale for breach in trustee
§ 71-1-305 Trust indenture considered to be mortgage on real property
§ 71-1-306 Qualifications of trustee — successor trustee
§ 71-1-307 Reconveyance upon performance — liability for failure to reconvey
§ 71-1-308 Reconveyance of trust indenture — forms — objections to reconveyance
§ 71-1-309 Objection to reconveyance
§ 71-1-310 Liability of title insurer or title insurance producer
§ 71-1-311 Time for foreclosure same as mortgage
§ 71-1-312 Discontinuance of foreclosure proceedings when entire amount of default paid
§ 71-1-313 Conditions for foreclosure by advertisement and sale
§ 71-1-314 Requests for copies of notice of sale
§ 71-1-315 Notice — sale — payment
§ 71-1-316 Disposition of proceeds of sale — notice — surplus funds — attorney fees
§ 71-1-317 Deficiency judgment not allowed
§ 71-1-318 Trustee’s deed
§ 71-1-319 Possession
§ 71-1-320 Trustees’ fees and attorneys’ fees
§ 71-1-321 Deeds of trust and trust deeds not invalidated
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Terms Used In Montana Code > Title 71 > Chapter 1 > Part 3 - Small Tract Financing

  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • 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. See Montana Code 71-1-303
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Grantor: The person who establishes a trust and places property into it.
  • Grantor: means the person conveying real property by a trust indenture as security for the performance of an obligation. See Montana Code 71-1-303
  • Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgagee: The person to whom property is mortgaged and who has loaned the money.
  • Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
  • Property: means real and personal property. See Montana Code 1-1-205
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Real property: means lands, tenements, hereditaments, and possessory title to public lands. See Montana Code 1-1-205
  • Servicer: means a person who collects loan payments on behalf of a beneficiary. See Montana Code 71-1-303
  • State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
  • 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. See Montana Code 71-1-303

  • 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. See Montana Code 71-1-303
  • 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. See Montana Code 71-1-303
  • Trustee: A person or institution holding and administering property in trust.
  • 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. See Montana Code 71-1-303
  • United States: includes the District of Columbia and the territories. See Montana Code 1-1-201
  • Usual: means according to usage. See Montana Code 1-1-206
  • Writing: includes printing. See Montana Code 1-1-203