Montana Code 71-3-808. Acknowledgment of satisfaction of lien — penalty
71-3-808. Acknowledgment of satisfaction of lien — penalty. (1) Whenever the indebtedness that is a lien upon any grain or other crops is paid and satisfied, it is the duty of the lienor to acknowledge satisfaction of the lien and to discharge the lien of record. If a lienor fails to acknowledge satisfaction and discharge the lien within 30 days after being requested to do so by a person having a property interest in the grain or other crops, the lienor is liable to any person injured by the failure in the amount of the injury and the costs of action.
Terms Used In Montana Code 71-3-808
- Lien: A claim against real or personal property in satisfaction of a debt.
- 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
- 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
(2)A termination statement as described in 30-9A-513 must be filed with the secretary of state with the same obligations and penalties described in subsection (1).