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Montana Title 80. Agriculture § 80-12-201. Loan agreements--general provisions

Current as of January 01, 2024 | Updated by Findlaw Staff

(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.

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Cite this article: FindLaw.com - Montana Title 80. Agriculture § 80-12-201. Loan agreements--general provisions - last updated January 01, 2024 | https://codes.findlaw.com/mt/title-80-agriculture/mt-st-80-12-201/

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