Montana Statutes
§ 71-1-107 — Transfers Of Interest
71-1-107 . Transfers of interest.
(1)Every transfer of an interest in property, other than in trust, made only as a security for the performance of another act is to be deemed a mortgage, except when in the case of personal property it is accompanied by actual change of possession, in which case it is deemed a pledge.
(2)The fact that a transfer was made subject to defeasance on a condition may, for the purpose of showing such transfer to be a mortgage, be proved (except as against a subsequent purchaser or encumbrancer for value and without notice), though the fact does not appear by the terms of the instrument.
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Legislative History
(1)En. Sec. 3813, Civ. C. 1895; re-en. Sec. 5734, Rev. C. 1907; re-en. Sec. 8249, R.C.M. 1921; Cal. Civ. C. Sec. 2924; Based on Field Civ. C. Sec. 1610; re-en. Sec. 8249, R.C.M. 1935; Sec. 52-104, R.C.M. 1947; (2)En. Sec. 3814, Civ. C. 1895; re-en. Sec. 5735, Rev. C. 1907; re-en. Sec. 8250, R.C.M. 1921; Cal. Civ. C. Sec. 2925; Field Civ. C. Sec. 1612; re-en. Sec. 8250, R.C.M. 1935; Sec. 52-105, R.C.M. 1947; R.C.M. 1947, 52-104, 52-105.
Nearby Sections
15
§ 71-1-101
Definition§ 71-1-102
Power Of Attorney To Execute§ 71-1-104
Mortgage Not A Personal Obligation§ 71-1-105
Mortgagee Not Entitled To Possession§ 71-1-106
Waste Prohibited§ 71-1-107
Transfers Of Interest§ 71-1-108
Subsequently Acquired Title§ 71-1-109
Mortgage Of Property Adversely Held§ 71-1-111
Power Of Sale§ 71-1-112
Applicable Laws§ 71-1-113
Limit On The Amount Of Funds On Reserve§ 71-1-114
Exception To Limitation§ 71-1-115
Record Of Reserve Fund Required