Montana Code 71-1-106. Waste prohibited
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71-1-106. Waste prohibited. No person whose interest is subject to the lien of a mortgage may do any act which will substantially impair the mortgagee‘s security.
Terms Used In Montana Code 71-1-106
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201