30-9A-502. Contents of financing statement — mortgage as financing statement — time of filing financing statement. (1) Subject to subsection (2), a financing statement is sufficient only if it:

Terms Used In Montana Code 30-9A-502

  • As-extracted collateral: means :

    (i)oil, gas, or other minerals that are subject to a security interest that:

    (A)is created by a debtor having an interest in the minerals before extraction; and

    (B)attaches to the minerals as extracted; or

    (ii)accounts arising out of the sale at the wellhead or minehead of oil, gas, or other minerals in which the debtor had an interest before extraction. See Montana Code 30-9A-102

  • Collateral: means the property subject to a security interest or agricultural lien. 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

  • 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
  • Fixture filing: means the filing of a financing statement covering goods that are or are to become fixtures and satisfying the requirements of 30-9A-502(1) and (2). 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
  • Goods: means all things that are movable when a security interest attaches. See Montana Code 30-9A-102
  • Mortgage: means a consensual interest in real property, including fixtures, that is created by a mortgage, trust deed, or similar transaction. See Montana Code 30-9A-102
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • 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
  • record owner: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Montana Code 30-9A-102
  • Secured party: means :

    (i)a person in whose favor a security interest is created or provided for under a security agreement, whether or not any obligation to be secured is outstanding;

    (ii)a person that holds an agricultural lien;

    (iii)a consignor;

    (iv)a person to which accounts, chattel paper, payment intangibles, or promissory notes have been sold;

    (v)a trustee, indenture trustee, agent, collateral agent, or other representative in whose favor a security interest or agricultural lien is created or provided for; or

    (vi)a person that holds a security interest arising under 30-2-401, 30-2-505, 30-2-711(3), 30-2A-508(5), 30-4-208, or 30-5-118. See Montana Code 30-9A-102

  • Security agreement: means an agreement that creates or provides for a security interest. See Montana Code 30-9A-102
  • 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

(a)provides the name of the debtor;

(b)provides the name of the secured party or a representative of the secured party; and

(c)indicates the collateral covered by the financing statement.

(2)Except as otherwise provided in 30-9A-501(2), to be sufficient, a financing statement that covers as-extracted collateral or timber to be cut or that is filed as a fixture filing and covers goods that are or are to become fixtures must comply with the requirements of subsection (1) and also:

(a)indicate that it covers this type of collateral;

(b)indicate that it is to be filed for record in the real property records;

(c)provide a description of the real property to which the collateral is related sufficient to give constructive notice of the mortgage under the law of this state if the description were contained in a record of the mortgage of the real property; and

(d)if the debtor does not have an interest of record in the real property, provide the name of a record owner.

(3)A record of mortgage is effective, from the date of recording, as a financing statement filed as a fixture filing or as a financing statement covering as-extracted collateral or timber to be cut only if:

(a)the record indicates the goods or accounts that it covers;

(b)the goods are or are to become fixtures related to the real property described in the record or the collateral is related to the real property described in the record and is as-extracted collateral or timber to be cut;

(c)the record complies with the requirements for a financing statement in this section, but:

(i)the record need not indicate that it is to be filed in the real property records; and

(ii)the record sufficiently provides the name of a debtor who is an individual if it provides the individual name of the debtor or the surname and first personal name of the debtor, even if the debtor is an individual to whom 30-9A-503(1)(d) applies; and

(d)the record is recorded.

(4)A financing statement may be filed before a security agreement is made or a security interest otherwise attaches.

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