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(1) Pursuant to 39-51-1304 , MCA, the department may acquire a lien on an employer's property for unpaid contributions.  Property may be released from this lien if:

(a) the department has a lien on other property owned by the employer that has unencumbered equity, as determined by the department, of at least twice the amount of debt secured by the property;

(b) the employer pays to the department an amount, determined by the department, that is not less than the value of the department's interest in the property subject to the lien;

(c) the department determines its interest in the property has little or no value; or

(d) upon sale of the secured property, a fund from the sale's proceeds is established to satisfy all claims against the property under an escrow agreement approved by the department.

(2) An employer or other applicant must give the following information when requesting the release of property secured by a department lien:

(a) the applicant's name, address, and telephone number;

(b) the name, address, and account number of the employer owning the property subject to the lien;

(c) the legal description and address of all property to be released by the department.  If the request is based on (1) (a) , the request must include a legal description and address of all property secured by the department's lien;

(d) a list of the encumbrances, or a copy of the instrument creating the encumbrance, with priority over the department's lien, including:

(i) name and address of the secured party or holder of the encumbrance;

(ii) a description of the encumbrance with the date it was imposed;

(iii) the date and place the encumbrance was recorded;

(iv) the terms of the security agreement creating the encumbrance;

(v) the amount of money owed under the encumbrance at the time of application;

(e) a current written appraisal by a qualified appraiser of all property for which a release is requested; and

(f) a copy of the proposed escrow and sales agreement if the property is to be released because of sale.

History: 39-51-301 and 39-51-302, MCA; IMP, 39-51-1304, MCA; NEW, 2004 MAR p. 2808, Eff. 11/19/04.

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