Montana Code 77-1-910. Encumbrance on leased land
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77-1-910. Encumbrance on leased land. (1) An encumbrance may not be placed upon the state‘s interest in land leased for commercial purposes.
Terms Used In Montana Code 77-1-910
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- 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 commercial lease of state trust land may contain provisions that will permit the encumbering of the lessee’s interest in the lease by mortgage or deed of trust.