Montana § 32-9-145 - Escrow Fund
Full text of Montana Montana Code Annotated § 32-9-145 — Escrow Fund, with citation guidance and answers to common questions.
§ 32-9-145. Escrow Fund
Escrow fund. (1) An escrow fund authorized for any purpose by a mortgage loan contract is subject to applicable state and federal requirements. Money received from a borrower by a mortgage lender or mortgage servicer licensed under this part must be considered as held in trust immediately upon receipt. The mortgage lender or mortgage servicer shall place escrow funds in a depository institution prior to the end of the third business day following their receipt. (2) An escrow fund account must be a separate account established to hold only borrowers' funds. The account must be designated and maintained for the benefit of borrowers. Escrow funds may not be commingled with any other funds. (3) Escrow funds must be kept in the segregated account until disbursement. Money maintained in an escrow fund account is exempt from execution, attachment, or garnishment. (4) A licensee may not encumber the corpus of an escrow fund account or commingle other operating funds with account funds. (5) An escrow fund account may be used only for: (a) a payment authorized by the borrower or the mortgage loan contract or required by federal or state law; (b) a refund to the borrower; (c) transfer to a depository institution; (d) transfer to the appropriate mortgage lender or mortgage servicer in the case of a transfer of servicing; (e) a purpose authorized by the mortgage loan contract; or (f) purposes of complying with an order issued by the commissioner or a court. (6) Accounting for escrow funds must be performed in compliance with the aggregate accounting rules established in regulation X, 24 CFR 3500, and in compliance with 71-1-115 . (See part compiler's comment regarding contingent suspension.)
Frequently Asked Questions About Montana § 32-9-145
What does Montana Code Annotated § 32-9-145 cover?
Section 32-9-145 ("Escrow Fund") is part of the Montana Code Annotated, the codified statutory law of Montana. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Montana § 32-9-145?
A common citation format is "Montana Code Annotated § 32-9-145" (Montana). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Montana law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Montana official source linked on this page or consult a licensed Montana attorney.
How does Montana § 32-9-145 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Montana can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Montana.