- March 17, 2004
- All Montana Agents
- Mortgage Survey Exemption from Subdivision Review
A Certificate of Survey [hereafter referred to a
"COS"] as described in Montana Statutes §76-3-103 is
a survey made for the purpose of establishing boundaries for the division of a
larger tract or tracts of land. It is accomplished typically without a
dedication that is normally found in a subdivision plat. Although
dedicated roads may be found in such a COS, typically roads and other easements
are privately created by either a declaration of easements or reserved or
granted in conveyances by the developer of the
Generally, the Montana Subdivision and Platting Act requires that all transfers of land comprising less than 160 acres undergo subdivision plat review prior to transfer. See §§ 76-3-104, -301, -302 M.C.A. However, M.C.A. §76-3-201(b) (as amended by 2003 Session Law HB 298 on May 5, 2003) provides any division of land that is created to provide security for construction mortgages, liens or trust indentures is exempt from subdivision review.
This exemption allows lenders to foreclose on the security given for their loan and have title conveyed to a purchaser upon the sale of the land. When a party other than the lender takes title, the purchaser will then be required to comply with this Act.
Traditionally, we require evidence of a recorded
In connection with the issuance of the 'STG Subdivision Map Endorsement 1',
examiners should look for a recorded
This law establishes a procedure allowing lenders to be exempt from the
filing requirements of a
COMPANY POLICY: Prior to the issuance of a STG Subdivision Map
Endorsement 1, a
Examiners need to review legal descriptions and make suitable requirements
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