Montana Code 71-3-553. Action upon bond — period of limitation same
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71-3-553. Action upon bond — period of limitation same. (1) When a bond is filed prior to the service of a complaint in an action to foreclose upon a construction lien as allowed in 71-3-551, the person filing the construction lien may bring an action upon the bond.
Terms Used In Montana Code 71-3-553
- Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
- lien: means a lien against real estate arising under this part. See Montana Code 71-3-522
- Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
- Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
(2)The action must be commenced within the time allowed for the commencement of an action upon foreclosure of a lien, and the statute of limitations applicable to a lien foreclosure applies to an action upon the bond as it would had a bond not been filed.