Montana Code 7-7-134. Role of state and state agencies in relation to bankruptcy
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7-7-134. Role of state and state agencies in relation to bankruptcy. The state or any department or agency of the state holding any of the securities of a local entity has the power to consent to any plan of adjustment of the indebtedness of the local entity by the board or official that has custody of and control over the securities.
Terms Used In Montana Code 7-7-134
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- 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