Montana Code 30-9A-805. Effectiveness of action taken before effective date
30-9A-805. Effectiveness of action taken before effective date. (1) The filing of a financing statement before July 1, 2013, is effective to perfect a security interest to the extent the filing would satisfy the applicable requirements for perfection under this chapter.
Terms Used In Montana Code 30-9A-805
- Collateral: means the property subject to a security interest or agricultural lien. See Montana Code 30-9A-102
- Continuation statement: means an amendment of a financing statement that:
(i)identifies, by its file number, the initial financing statement to which it relates; and
(ii)indicates that it is a continuation statement for, or that it is filed to continue the effectiveness of, the identified financing statement. See Montana Code 30-9A-102
- Debtor: means :
(i)a person having a property interest, other than a security interest or other lien, in the collateral, whether or not the person is an obligor;
(ii)a seller of accounts, chattel paper, payment intangibles, or promissory notes; or
(iii)a consignee. See Montana Code 30-9A-102
- Decedent: A deceased person.
- Financing statement: means a record or records composed of an initial financing statement and any filed record relating to the initial financing statement. See Montana Code 30-9A-102
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Property: means real and personal property. See Montana Code 1-1-205
- State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Montana Code 30-9A-102
- Transmitting utility: means a person primarily engaged in the business of:
(i)operating a railroad, subway, street railway, or trolley bus;
(ii)transmitting electric or electronic communications;
(iii)transmitting goods by pipeline or sewer; or
(iv)transmitting or producing and transmitting electricity, steam, gas, or water. See Montana Code 30-9A-102
- Trustee: A person or institution holding and administering property in trust.
(2)This chapter does not render ineffective an effective financing statement that, before July 1, 2013, is filed and satisfies the applicable requirements for perfection under the law of the jurisdiction governing perfection as provided in former chapter 9A. However, except as otherwise provided in 30-9A-806 and subsections (3) and (4) of this section, the financing statement ceases to be effective:
(a)if the financing statement is filed in this state, at the time the financing statement would have ceased to be effective had Chapter 75, Laws of 2013, not taken effect; or
(b)if the financing statement is filed in another jurisdiction, at the earlier of:
(i)the time the financing statement would have ceased to be effective under the law of that jurisdiction; or
(ii)June 30, 2018.
(3)The filing of a continuation statement after July 1, 2013, does not continue the effectiveness of a financing statement filed before July 1, 2013. However, upon the timely filing of a continuation statement after July 1, 2013, and in accordance with the law of the jurisdiction governing perfection as provided in this chapter, the effectiveness of a financing statement filed in the same office in that jurisdiction before July 1, 2013, continues for the period provided by the law of that jurisdiction.
(4)Subsection (2)(b)(ii) applies to a financing statement that, before July 1, 2013, is filed against a transmitting utility and satisfies the applicable requirements for perfection under the law of the jurisdiction governing perfection as provided in former chapter 9A, only to the extent that this chapter provides that the law of a jurisdiction other than the jurisdiction in which the financing statement is filed governs perfection of a security interest in collateral covered by the financing statement.
(5)A financing statement that includes a financing statement filed before July 1, 2013, and a continuation statement filed after July 1, 2013, is effective only to the extent that it satisfies the requirements of Title 30, chapter 9A, part 5, for an initial financing statement. A financing statement that indicates that the debtor is a decedent‘s estate indicates that the collateral is being administered by a personal representative within the meaning of 30-9A-503(1)(b). A financing statement that indicates that the debtor is a trust or is a trustee acting with respect to property held in trust indicates that the collateral is held in a trust within the meaning of 30-9A-503(1)(c).