Montana Code 81-8-312. Possession under a mortgage — how acquired
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81-8-312. Possession under a mortgage — how acquired. If it is necessary under the laws of this state for a party to any mortgage, assignment, bill of sale, or other contract, between November 1 and the succeeding May 15, to take possession of any cattle or horses in order to preserve the party’s rights under a mortgage, assignment, bill of sale, or other contract, it is sufficient for the party to file a copy of the instrument under which the party claims, with a notice of the claim appended to the copy, with the general recorder of marks and brands within 5 days after it becomes necessary for the party to take custody and possession of the cattle or horses.
Terms Used In Montana Code 81-8-312
- Contract: A legal written agreement that becomes binding when signed.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- 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