Montana Code 80-12-202. Immediate repayment
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80-12-202. Immediate repayment. If an applicant who has obtained the approval of the authority for the issuance of a bond to fund the applicant’s loan for the acquisition of farm or ranch land sells the land for which the loan was made to any person, firm, or corporation other than the applicant’s spouse, children, or corporation wholly owned by them, the loan must be repaid in full.
Terms Used In Montana Code 80-12-202
- Authority: means the department of agriculture provided for in 2-15-3001. See Montana Code 80-12-102
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201