Montana Code 70-23-610. Purchaser at foreclosure sale not totally liable for prior common expenses
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70-23-610. Purchaser at foreclosure sale not totally liable for prior common expenses. When the purchaser of a unit obtains title to the unit as a result of foreclosure of the first mortgage or trust indenture, the purchaser and the purchaser’s successors and assigns are not liable for any of the common expenses chargeable to the unit that became due prior to the acquisition of title to the unit by the purchaser. The unpaid share of common expenses is a common expense of all the unit owners, including the purchaser and the purchaser’s successors and assigns.
Terms Used In Montana Code 70-23-610
- 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
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.