Montana Code 71-1-313. Conditions for foreclosure by advertisement and sale
71-1-313. (Temporary) Conditions for foreclosure by advertisement and sale. The trustee may foreclose a trust indenture by advertisement and sale under this part if:
Terms Used In Montana Code 71-1-313
- 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
- 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
- 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
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- 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
- 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
- Usual: means according to usage. See Montana Code 1-1-206
(1)the trust indenture, any assignments of the trust indenture by the trustee or the beneficiary, and any appointment of a successor trustee are recorded in the office of the clerk and recorder of each county in which the property described in the trust indenture or some part thereof is situated;
(2)there is a default by the grantor or other person owing an obligation or by their successors in interest, the performance of which is secured by the trust indenture, with respect to any provision in the indenture which authorizes sale in the event of default of such provision; and
(3)the trustee or beneficiary shall have filed for record in the office of the clerk and recorder in each county where the property described in the indenture or some part thereof is situated a notice of sale, duly executed and acknowledged by such trustee or beneficiary, setting forth:
(a)the names of the grantor, trustee, and beneficiary in the trust indenture and the name of any successor trustee;
(b)a description of the property covered by the trust indenture;
(c)the book and page of the mortgage records where the trust indenture is recorded;
(d)the default for which the foreclosure is made;
(e)the sum owing on the obligation secured by the trust indenture;
(f)the trustee’s or beneficiary’s election to sell the property to satisfy the obligation;
(g)the date of sale, which shall not be less than 120 days subsequent to the date on which the notice of sale is filed for record, and the time of sale, which shall be between the hours of 9 a.m. and 4 p.m., mountain standard time;
(h)the place of sale which shall be at the courthouse of the county or one of the counties where the property is situated or at the location of the property or at the trustee’s usual place of business if within the county or one of the counties where the property is situated.