Montana § 80-12-201 Loan Agreements -- General Provisions

Montana Statutes

§ 80-12-201 — Loan Agreements -- General Provisions

Montana § 80-12-201

Title 80AGRICULTURE

Ch. 12MONTANA AGRICULTURAL LOAN AUTHORITY ACT

Part 2Loans

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Bluebook

Mont. Code Ann. § 80-12-201 (2026).

Text

80-12-201 . Loan agreements -- general provisions.

(1)Each loan approved by the authority for issuance of a bond must include a loan agreement providing a payment schedule that may not exceed 30 years.

(2)The agreement must specify a reasonable rate of interest, which rate may be a variable rate provided the method of determination is contained in the loan agreement.

(3)Loans approved by the authority for issuance of a bond may be secured by any liens or collateral the financial institution considers necessary.

(4)The money received under a loan agreement may be used for:

(a)acquisition of farm or ranch land;

(b)a downpayment on the acquisition of farm or ranch land;

(c)acquisition or construction of depreciable property used in the operation of a farm or ranch; or

(d)production of

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80-12-201 . Loan agreements -- general provisions. (1) Each loan approved by the authority for issuance of a bond must include a loan agreement providing a payment schedule that may not exceed 30 years.
(2) The agreement must specify a reasonable rate of interest, which rate may be a variable rate provided the method of determination is contained in the loan agreement.
(3) Loans approved by the authority for issuance of a bond may be secured by any liens or collateral the financial institution considers necessary.
(4) The money received under a loan agreement may be used for:
(a) acquisition of farm or ranch land;
(b) a downpayment on the acquisition of farm or ranch land;
(c) acquisition or construction of depreciable property used in the operation of a farm or ranch; or
(d) production of energy using an alternative renewable energy source as defined in 15-6-225 .