Montana Code 77-6-401. Pledge or mortgage of leasehold interest in state lands
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77-6-401. Pledge or mortgage of leasehold interest in state lands. Any lessee of a grazing or agricultural lease of state lands is authorized to pledge the lease or mortgage the leasehold interest in the lands.
Terms Used In Montana Code 77-6-401
- 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