Montana Code 71-1-204. Form of mortgage
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71-1-204. Form of mortgage. A mortgage of real property may be made in substantially the following form:
Terms Used In Montana Code 71-1-204
- 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.
“This mortgage, made the …. day of …., in the year …., by A.B., of …., mortgagor, to C.D., of …., mortgagee:
That the mortgagor mortgages to the mortgagee (here describe the property), as security for the payment to the mortgagor of …. dollars, on (or before) the …. day of …., in the year …., with interest on that amount (or as security for the payment of an obligation, describing it, etc.).
………………………………….
A.B.”