{"data":{"id":"us-mt/35-16-401","jurisdiction":"us-mt","citation":"35-16-401","heading":"Corporate indebtedness as lien upon membership lands.","body":"(1) After the date of the inclusion of any land or property as a member in any corporation or district organized under the provisions of this chapter, all mortgage or bonded indebtedness created by such corporation or district is a first lien upon the membership lands to an extent not to exceed 18% of the taxable value thereof if the land is grazing or agricultural and not to exceed 36% of the taxable value thereof if the land is horticultural or vegetable-producing.\n(2) The recording of the copy of the articles of incorporation or petition to become a member of such corporation or district is notice to all subsequent lien claimants that the lands are subject to a first lien. However, nothing in this section may be construed as placing a limit upon the indebtedness that may be made a lien against any of the corporate or property assets of the corporation or district, as distinguished from membership lands individually owned.","path":["TITLE 35. CORPORATIONS, PARTNERSHIPS, AND ASSOCIATIONS","CHAPTER 16. AGRICULTURAL ASSOCIATIONS","Part 4. Corporate Indebtedness"],"source_url":"https://mca.legmt.gov/bills/mca/title_0350/chapter_0160/part_0040/section_0010/0350-0160-0040-0010.html","current_through":"Montana Code Annotated 2025","vintage":"","retrieved_at":"2026-09-14T04:53:32Z","sha256":"4b2c8e994c6e65aace4bd7ca3615bf1bccd2b9e6f0cd69a454658974bbf975c5","source_id":"us-mt","stale":false,"prev":"us-mt/35-16-316","next":"us-mt/35-16-402"},"notice":"GroundRules: Original legal text. Not legal advice."}