Montana Code 71-3-537. Acknowledgment of satisfaction of lien — penalty
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71-3-537. Acknowledgment of satisfaction of lien — penalty. Whenever any indebtedness that is a lien upon any real estate, structure, building, or other improvement is paid and satisfied, it is the duty of the creditors to acknowledge satisfaction of the indebtedness in the same manner as a mortgage. If a creditor fails to acknowledge satisfaction, the creditor is liable to any person injured by the failure to the amount of the injury and the costs of action.
Terms Used In Montana Code 71-3-537
- Lien: A claim against real or personal property in satisfaction of a debt.
- lien: means a lien against real estate arising under this part. See Montana Code 71-3-522
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201