15-24-1201. State and other exempt property held under contract -- when taxable. Property of the state of Montana or any department, agency, or subdivision thereof or any other property not subject to ad valorem tax to the owner thereof by reason of the legal status of the owner, held under contract of sale or lease with option to purchase with lease moneys applicable to purchase price by any person for his exclusive use, shall be subject to assessment to purchaser or lessee for ad valorem property taxation.

     History: En. Sec. 1, Ch. 39, L. 1965; R.C.M. 1947, 84-204.