Montana Code 71-1-210. Period of mortgage — renewal
71-1-210. Period of mortgage — renewal. A mortgage of real property made, acknowledged, and recorded as provided by the laws of this state is good against all from the time it is recorded until 8 years after the maturity of the entire debt or obligation secured and no longer unless the mortgagee or the mortgagee’s heirs, executors, administrators, representatives, or assigns, within 60 days after the expiration of the 8 years, file in the office of the county clerk where the mortgage is recorded an affidavit setting forth the date of the mortgage, when and where recorded, the amount of the debt secured, and the amount remaining unpaid and that the mortgage is not renewed for the purpose of hindering, delaying, or defrauding creditors of the mortgagor or owner of the land. Upon the filing of the affidavit, the mortgage is valid against all persons for an additional 8 years.
Terms Used In Montana Code 71-1-210
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Affidavit: means a sworn written declaration made before an officer authorized to administer oaths or an unsworn written declaration made under penalty of perjury as provided in 1-6-105. See Montana Code 1-1-203
- 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.
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- 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