Montana Code 30-9A-331. Priority of rights of purchasers of instruments, documents, and securities under other chapters — priority of interests in financial assets and security entitlements under chapter 8
30-9A-331. Priority of rights of purchasers of instruments, documents, and securities under other chapters — priority of interests in financial assets and security entitlements under chapter 8. (1) This chapter does not limit the rights of a holder in due course of a negotiable instrument, a holder to whom a negotiable document of title has been duly negotiated, or a protected purchaser of a security. These holders or purchasers take priority over an earlier security interest, even if perfected, to the extent provided in chapters 3, 7, and 8.
Terms Used In Montana Code 30-9A-331
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Document: means a document of title or a receipt of the type described in 30-7-201(2). See Montana Code 30-9A-102
- Instrument: means :
(A)a negotiable instrument; or
(B)any other writing that evidences a right to the payment of a monetary obligation, is not itself a security agreement or lease, and is of a type that in the ordinary course of business is transferred by delivery with any necessary indorsement or assignment. See Montana Code 30-9A-102
- Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
(2)This chapter does not limit the rights of or impose liability on a person to the extent that the person is protected against the assertion of a claim under chapter 8.
(3)Filing under this chapter does not constitute notice of a claim or defense to the holders, purchasers, or persons mentioned in subsections (1) and (2).