85-1-305. Use of trust indenture to secure bonds. In the discretion of the department, a series of the bonds may be secured by a trust indenture by and between the department and a corporate trustee, which may be any trust company or bank having the powers of a trust company within or outside of the state. Each trust indenture or an executed counterpart must be filed in the office of the secretary of state. The filing of a trust indenture or an executed counterpart in the office of the county clerk of the county in which the property covered by the trust indenture is located is constructive notice of its contents to all persons from the time of the filing, and the recording of the trust indenture or its contents is not necessary.
History: En. Sec. 8, Ch. 35, Ex. L. 1933; amd. Sec. 3, Ch. 95, L. 1935; re-en. Sec. 349.8, R.C.M. 1935; amd. Sec. 126, Ch. 253, L. 1974; R.C.M. 1947, 89-111(1); amd. Sec. 425, Ch. 418, L. 1995.
Structure Montana Code Annotated
85-1-301. Water conservation revenue bonds
85-1-302. Limitations on state liability
85-1-303. Procedure in case of insufficient bond proceeds
85-1-304. Lien upon bond proceeds
85-1-305. Use of trust indenture to secure bonds
85-1-306. Provisions for protecting bondholders
85-1-307. Provisions to secure payment of bonds
85-1-308. Provisions for conveyance in trust or mortgage
85-1-309. Actions by trustee and bondholders
85-1-310. Refunding revenue bonds
85-1-311. through 85-1-320 reserved
85-1-322. Construction capital projects funds
85-1-324. through 85-1-330 reserved
85-1-331. Acceptance and use of appropriations and contributions