(1) The department of agriculture shall hold the first mortgage position on all real estate participation loans.
- (a) Real estate loans will be made upon availability of funds, but in no case shall the term exceed a 20 year repayment schedule.
- (b) Title insurance and fire insurance must be carried on the mortgaged real estate, with the Montana department of agriculture listed as the first lien holder.
Authorizing statute(s): 80-2-106, MCA
Implementing statute(s): 80-2-104, MCA
History: NEW, 1977 MAR p. 942, Eff. 11/26/77.