Troy A. Pilgeram and Teresa A. Pilgeram, Husband and Wife, Plaintiffs and Appellants v. Greenpoint Mortgage…

Summary

The Montana Supreme Court reversed summary judgment for the lenders, holding that MERS was not a beneficiary under Montana's Small Tract Financing Act because the deed of trust secured the lender's obligation, not an obligation owed to MERS. The court also declined to uphold summary judgment on the alternative agency theory because the theory was raised for the first time on appeal and the record did not establish the relevant agency facts. Justice Cotter, joined by Justice Baker, would have affirmed on the ground that MERS was the lender's special agent, while Justice Rice would have held that MERS qualified as the statutory beneficiary.