Montana Code 71-3-122. Lien extinguished by statute of limitations
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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.
Terms Used In Montana Code 71-3-122
- Lien: A claim against real or personal property in satisfaction of a debt.
- 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.
- Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.