Montana Code 77-6-403. Transfer of lease
77-6-403. Transfer of lease. (1) Except as provided in subsection (2), upon due proof that a person has acquired through foreclosure or conveyance the pledgor’s or mortgagor‘s leasehold interest, the board shall transfer the lease to that person, who is subject to all the conditions, obligations, and liabilities and entitled to all the rights and privileges provided for in the lease. To authorize transfer of a lease, a decree of foreclosure must specifically refer to the lease or the leased premises, but neither the board nor the department is required to be named as a party to the action. The plaintiff shall, however, file a copy of the complaint with the department at the time it is filed with the court.
Terms Used In Montana Code 77-6-403
- Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
- 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
- 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
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
- Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
- Plaintiff: The person who files the complaint in a civil lawsuit.
- 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)Nothing in this section may be construed to require the board to complete the transfer of a lease to an assignee whom the board considers unqualified as a lessee of state lands.