Finance
Under Montana law, what is the purpose of a 'beneficiary statement' in a deed of trust transaction?
ATo identify the property's beneficiaries under an estate plan
BTo provide a written statement from the lender (beneficiary) of the current loan balance and terms, requested when the loan is being paid off or assumed✓ Correct
CTo list all liens and encumbrances on the property
DTo identify the trustee in a deed of trust
Explanation
A beneficiary statement (loan payoff statement or demand statement) is requested from the lender/beneficiary when a property is being sold or a loan is being paid off. It states the current outstanding balance, per diem interest, and conditions for payoff.
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