Montana Code 30-2A-307. Priority of liens arising by attachment or levy on, security interests in, and other claims to goods
Current as of: 2023 | Check for updates
|
Other versions
30-2A-307. Priority of liens arising by attachment or levy on, security interests in, and other claims to goods. (1) Except as otherwise provided in 30-2A-306, a creditor of a lessee takes subject to the lease contract.
Terms Used In Montana Code 30-2A-307
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- Contract: A legal written agreement that becomes binding when signed.
- Goods: means all things that are movable at the time of identification to the lease contract, or are fixtures (30-2A-309), but the term does not include money, documents, instruments, accounts, chattel paper, general intangibles, or minerals or the like, including oil and gas, before extraction. See Montana Code 30-2A-103
- Lease: means a transfer of the right to possession and use of goods for a term in return for consideration, but a sale, including a sale on approval or a sale or return, or retention or creation of a security interest is not a lease. See Montana Code 30-2A-103
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Lease contract: means the total legal obligation that results from the lease agreement as affected by this chapter and any other applicable rules of law. See Montana Code 30-2A-103
- Leasehold interest: means the interest of the lessor or the lessee under a lease contract. See Montana Code 30-2A-103
- Lessee: means a person who acquires the right to possession and use of goods under a lease. See Montana Code 30-2A-103
- Lessor: means a person who transfers the right to possession and use of goods under a lease. See Montana Code 30-2A-103
(2)Except as otherwise provided in 30-2A-306, 30-2A-308, and subsection (3) of this section, a creditor of a lessor takes subject to the lease contract unless the creditor holds a lien that attached to the goods before the lease contract became enforceable.
(3)Except as otherwise provided in 30-9A-317, 30-9A-321, and 30-9A-323, a lessee takes a leasehold interest subject to a security interest held by a creditor of the lessor.