Montana Statutes
§ 71-1-113 — Limit On The Amount Of Funds On Reserve
71-1-113 . Limit on the amount of funds on reserve. Except as provided in 71-1-114 , if a lending institution requires a borrower under a mortgage or trust indenture of real property to include in the borrower's regular payment additional payment into a reserve fund held by the lending institution for the future payment of property taxes, insurance premiums, and other expenses, the amount of funds on reserve may not exceed 110% of the projected amount needed to pay those expenses.
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Montana § 71-1-113 (Limit On The Amount Of Funds On Reserve) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
En. Sec. 1, Ch. 490, L. 1979; amd. Sec. 2238, Ch. 56, L. 2009.
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