In the two proceeding centuries there are no precise dates in its history. During the 1140s it was an important trading town. The trading revenues received from Montrose as well as Forfar and Dundee were acquired by Malcolm IV and contributed to Restenneth Priory. In 1178 William the Lion built a castle nearby in which he would occasionally reside. The ruins have acquired the name Red Castle. The last record of a charter there was in 1198. A convent dedicated to the Virgin Mary is said to have been founded in 1230 by Alan Durward but the precise location is unknown. In 1244 the town succumbed to fire. In July 1296 during the Wars of Independence, Edward I visited the town with 30,000 of his men and stayed at Munros castle for three nights. Some accounts state that it was there that he humiliated Scottish King John de Balliol by publicly stripping him of his royal insignia and status; other accounts claim that this occurred in Brechin. Twelve burgesses of the town swore allegiance to Edward I to protect themselves and the community of the town. The following year the castle, which was manned by an English garrison, was destroyed by William Wallace who is said to have slain all soldiers in sight. The site of the castle, known as Castlestead, is at the southern end of the High Street. David II visited it towards the end of his reign in 1371. The Dukedom of Montrose was created in 1488. During the 15th century the inhabitants of the town found themselves increasingly under heel of the Lairds of Dun who ransacked and took possession of property and cattle. The lairds are said to have arrived in the middle of one night on horseback heavily armed. The burghesses of the town immediately sent out an appeal to the Duke of Montrose for protection but the messenger was purportedly murdered before the appeal arrived. It was then that James IV of Scotland intervened and settled the matter.