Montana Code 30-9A-519. Numbering, maintaining, and indexing records — communicating information provided in records
30-9A-519. Numbering, maintaining, and indexing records — communicating information provided in records. (1) For each record filed in a filing office, the filing office shall:
Terms Used In Montana Code 30-9A-519
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- 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
- File number: means the number assigned to an initial financing statement pursuant to 30-9A-519(1). See Montana Code 30-9A-102
- Filing office: means an office designated in 30-9A-501 as the place to file a financing statement. See Montana Code 30-9A-102
- Filing-office rule: means a rule adopted pursuant to 30-9A-526. 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
- Grantor: The person who establishes a trust and places property into it.
- 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.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Property: means real and personal property. See Montana Code 1-1-205
- 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
- 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)assign a unique number to the filed record;
(b)create a record that bears the number assigned to the filed record and the date and time of filing;
(c)maintain the filed record for public inspection; and
(d)index the filed record in accordance with subsections (3), (4), and (5).
(2)A file number assigned after January 1, 2002, must include a digit that:
(a)is mathematically derived from or related to the other digits of the file number; and
(b)enables the filing office to detect whether a number communicated as the file number includes a single-digit or transpositional error.
(3)Except as otherwise provided in subsections (4) and (5), the filing office shall:
(a)index an initial financing statement according to the name of the debtor and shall index all filed records relating to the initial financing statement in a manner that associates with one another an initial financing statement and all filed records relating to the initial financing statement; and
(b)index a record that provides a name of a debtor that was not previously provided in the financing statement to which the record relates also according to the name that was not previously provided.
(4)If a financing statement is filed as a fixture filing or covers as-extracted collateral or timber to be cut, it must be filed for record and the filing office shall index it:
(a)under the names of the debtor and of each owner of record shown on the financing statement as if they were the mortgagors under a mortgage of the real property described; and
(b)to the extent that the law of this state provides for indexing of mortgages under the name of the mortgagee, under the name of the secured party as if the secured party were the mortgagee thereunder, or if indexing is by description, as if the financing statement were a mortgage of the real property described.
(5)If a financing statement is filed as a fixture filing or covers as-extracted collateral or timber to be cut, the filing office shall index an assignment filed under 30-9A-514(1) or an amendment filed under 30-9A-514(2):
(a)under the name of the assignor as grantor; and
(b)to the extent that the law of this state provides for indexing the assignment of a mortgage under the name of the assignee, under the name of the assignee.
(6)The filing office shall maintain a capability:
(a)to retrieve a record by the name of the debtor and:
(i)if the filing office is described in 30-9A-501(1)(a), by the file number assigned to the initial financing statement to which the record relates and the date and time that the record was filed; or
(ii)if the filing office is described in 30-9A-501(1)(b), by the file number assigned to the initial financing statement to which the record relates; and
(b)to associate and retrieve with one another an initial financing statement and each filed record relating to the initial financing statement.
(7)The filing office may not remove a debtor’s name from the index until 1 year after the effectiveness of a financing statement naming the debtor lapses under 30-9A-515 with respect to all secured parties of record.
(8)The filing office shall perform the acts required by subsections (1) through (5) at the time and in the manner prescribed by filing-office rule, but not later than 2 business days after the filing office receives the record in question.
(9)Subsections (2) and (8) do not apply to a filing office described in 30-9A-501(1)(a).