Montana Code 7-15-4460. Powers of housing authority relating to acquisition and disposition of property
7-15-4460. Powers of housing authority relating to acquisition and disposition of property. (1) An authority may:
Terms Used In Montana Code 7-15-4460
- Bequest: Property gifted by will.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Devise: To gift property by will.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- 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
- Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
- Personal property: All property that is not real property.
- Personal property: means money, goods, chattels, things in action, and evidences of debt. See Montana Code 1-1-205
- Property: means real and personal property. See Montana Code 1-1-205
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Real property: means lands, tenements, hereditaments, and possessory title to public lands. See Montana Code 1-1-205
(a)purchase, lease, obtain options upon, or acquire by gift, grant, bequest, devise, or otherwise any real or personal property or any interest in property from any person, firm, corporation, city, municipality, or government;
(b)acquire by eminent domain, as provided in Title 70, chapter 30, any real property, including improvements and fixtures on the real property;
(c)sell, exchange, transfer, assign, or pledge any real or personal property or any interest in property to any person, firm, corporation, municipality, city, or government;
(d)own, hold, clear, and improve property;
(e)insure or provide for the insurance of the property or operations of the authority against risks that the authority considers advisable;
(f)procure insurance or guarantees from the federal government of the payment of any debts or parts of debt secured by mortgages made or held by the authority on any property included in a housing project.
(2)Statutes with respect to the acquisition, operation, or disposition of property by other public bodies are not applicable to an authority unless the legislature specifically declares that the provisions are applicable.