30-9A-602. Waiver and variance of rights and duties. Except as provided in 30-9A-624, to the extent that they give rights to a debtor or obligor and impose duties on a secured party, the debtor or obligor may not waive or vary the rules stated in the following listed sections:

Terms Used In Montana Code 30-9A-602

  • accounting for: means a record:

    (i)authenticated by a secured party;

    (ii)indicating the aggregate unpaid secured obligations as of a date not more than 35 days earlier or 35 days later than the date of the record; and

    (iii)identifying the components of the obligations in reasonable detail. 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

  • Noncash proceeds: means proceeds other than cash proceeds. See Montana Code 30-9A-102
  • 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.
  • Obligor: means a person that, with respect to an obligation secured by a security interest in or an agricultural lien on the collateral:

    (A)owes payment or other performance of the obligation;

    (B)has provided property other than the collateral to secure payment or other performance of the obligation; or

    (C)is otherwise accountable in whole or in part for payment or other performance of the 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
  • Process: means a writ or summons issued in the course of judicial proceedings. See Montana Code 1-1-202
  • Secondary obligor: means an obligor to the extent that:

    (i)the obligor's obligation is secondary; or

    (ii)the obligor has a right of recourse with respect to an obligation secured by collateral against the debtor, another obligor, or property of either. 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

(1)30-9A-207(2)(d)(iii), which deals with use and operation of the collateral by the secured party;

(2)30-9A-210, which deals with requests for an accounting and requests concerning a list of collateral and statement of account;

(3)30-9A-607(3), which deals with collection and enforcement of collateral;

(4)30-9A-608(1) and 30-9A-615(3) to the extent that they deal with application or payment of noncash proceeds of collection, enforcement, or disposition;

(5)30-9A-608(1) and 30-9A-615(4) to the extent that they require accounting for or payment of surplus proceeds of collateral;

(6)30-9A-609 to the extent that it imposes upon a secured party that takes possession of collateral without judicial process the duty to do so without breach of the peace;

(7)30-9A-610(2), 30-9A-611, 30-9A-613, and 30-9A-614, which deal with disposition of collateral;

(8)30-9A-615(6), which deals with calculation of a deficiency or surplus when a disposition is made to the secured party, a person related to the secured party, or a secondary obligor;

(9)30-9A-616, which deals with explanation of the calculation of a surplus or deficiency;

(10)30-9A-620 through 30-9A-622, which deal with acceptance of collateral in satisfaction of obligation;

(11)30-9A-623, which deals with redemption of collateral;

(12)30-9A-624, which deals with permissible waivers; and

(13)30-9A-625 and 30-9A-626, which deal with the secured party’s liability for failure to comply with this chapter.

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