Montana Code 30-9A-603. Agreement on standards concerning rights and duties
30-9A-603. Agreement on standards concerning rights and duties. (1) The parties may determine by agreement the standards measuring the fulfillment of the rights of a debtor or obligor and the duties of a secured party if the standards are not manifestly unreasonable.
Terms Used In Montana Code 30-9A-603
- 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
- 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
- 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
(2)Subsection (1) does not apply to the duty under 30-9A-609 to refrain from breaching the peace.