Montana Code Annotated 2017

TITLE 71. MORTGAGES, PLEDGES, AND LIENS

CHAPTER 1. MORTGAGES

Part 1. General Provisions

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.

History: En. Sec. 1, Ch. 490, L. 1979; amd. Sec. 2238, Ch. 56, L. 2009.