Montana Code 71-3-117. Right to redeem
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71-3-117. Right to redeem. Except as otherwise provided by the Uniform Commercial Code, a person having an interest in property subject to a lien has a right to redeem it from the lien at any time after the claim is due and before the person’s right of redemption is foreclosed.
Terms Used In Montana Code 71-3-117
- 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
- Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC