Montana Code 32-2-907. No certificate of deposit to be issued for borrowed money
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32-2-907. No certificate of deposit to be issued for borrowed money. A mutual association may not issue its certificate of deposit for the purpose of borrowing money or make partial payments on any certificate of deposit.
Terms Used In Montana Code 32-2-907
- Deposit: has the meaning provided in 12 C. See Montana Code 32-2-603
- Mutual association: means any corporation that has been incorporated to conduct the business of receiving money on deposit from its members and making substantially all of its loans on one-to-four family real estate mortgage security. See Montana Code 32-2-603