Montana Code 85-7-1434. Security interest in undertaking
85-7-1434. Security interest in undertaking. The issuer may, pursuant to a mortgage, trust indenture, or security agreement, grant a security interest in the real and personal property constituting the undertaking itself.
Terms Used In Montana Code 85-7-1434
- Issuer: means the board of commissioners of an irrigation district or a board of control created pursuant to Title 85, chapter 7, part 16. See Montana Code 85-7-1402
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Undertaking: means any one or a combination of the following:
(a)water sources, water rights, irrigation canals, irrigation systems, including pumping facilities or gravity measure systems, reservoirs, reservoir sites, or small power production facilities that are:
(i)certified as such by the federal energy regulatory commission; and
(ii)are associated with federal reclamation projects;
(b)any real or personal property or water rights related to or necessary to provide, operate, and maintain an undertaking listed in subsection (4)(a). See Montana Code 85-7-1402