Terms Used In Montana Code 30-9A-109

• Account debtor: means a person obligated on an account, chattel paper, or general intangible. See Montana Code 30-9A-102
• Agricultural lien: means an interest, other than a security interest, in farm products:

  (i)that secures payment or performance of an obligation for:

  (A)goods or services furnished in connection with a debtor's farming operation; or

  (B)rent on real property leased by a debtor in connection with its farming operation;

  (ii)that is created by statute in favor of a person that:

  (A)in the ordinary course of its business furnished goods or services to a debtor in connection with a debtor's farming operation; or

  (B)leased real property to a debtor in connection with the debtor's farming operation; and

  (iii)whose effectiveness does not depend on the person's possession of the personal property. See Montana Code 30-9A-102

• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Chattel paper: means a record or records that evidence both a monetary obligation and a security interest in specific goods, a security interest in specific goods and software used in the goods, a security interest in specific goods and license of software used in the goods, a lease of specific goods, or a lease of specific goods and license of software used in the goods. See Montana Code 30-9A-102
• Collateral: means the property subject to a security interest or agricultural lien. See Montana Code 30-9A-102
• Commercial tort claim: means a claim arising in tort if:

  (i)the claimant is an organization; or

  (ii)the claimant is an individual and the claim:

  (A)arose in the course of the claimant's business or profession; and

  (B)does not include damages arising out of personal injury to or the death of an individual. See Montana Code 30-9A-102

• Consignment: means a transaction, regardless of its form, in which a person delivers goods to a merchant for the purpose of sale and:

  (i)the merchant:

  (A)deals in goods of that kind under a name other than the name of the person making delivery;

  (B)is not an auctioneer; and

  (C)is not generally known by its creditors to be substantially engaged in selling the goods of others;

  (ii)with respect to each delivery, the aggregate value of the goods is $1,000 or more at the time of delivery;

  (iii)the goods are not consumer goods immediately before delivery; and

  (iv)the transaction does not create a security interest that secures an obligation. See Montana Code 30-9A-102

• Consumer transaction: means a transaction to the extent that:

  (i)an individual incurs an obligation primarily for personal, family, or household purposes;

  (ii)a security interest secures the obligation; and

  (iii)the collateral is held or acquired primarily for personal, family, or household purposes. See Montana Code 30-9A-102

• Contract: A legal written agreement that becomes binding when signed.
• Deposit account: means a demand, time, savings, passbook, or similar account maintained with a bank. See Montana Code 30-9A-102
• Fixtures: means goods that have become so related to particular real property that an interest in them arises under real property law. See Montana Code 30-9A-102
• Governmental unit: means a subdivision, agency, department, county, parish, municipality, or other unit of the government of the United States, a state, or a foreign country. See Montana Code 30-9A-102
• Health-care-insurance receivable: means an interest in or claim under a policy of insurance that is a right to payment of a monetary obligation for health care goods or services provided. See Montana Code 30-9A-102
• 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}
• Lien: A claim against real or personal property in satisfaction of a debt.
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Payment intangible: means a general intangible under which the account debtor's principal obligation is a monetary obligation. 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
• Promissory note: means an instrument that:

  (i)evidences a promise to pay a monetary obligation;

  (ii)does not evidence an order to pay; and

  (iii)does not contain an acknowledgment by a bank that the bank has received for deposit a sum of money or funds. See Montana Code 30-9A-102

• Property: means real and personal property. See Montana Code 1-1-205
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Real property: means lands, tenements, hereditaments, and possessory title to public lands. 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
• Statute: A law passed by a legislature.
• Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
• United States: includes the District of Columbia and the territories. See Montana Code 1-1-201