30-9A-605. Unknown debtor or secondary obligor. A secured party does not owe a duty based on its status as secured party:

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Terms Used In Montana Code 30-9A-605

  • Communicate: means :

    (i)to send a written or other tangible record;

    (ii)to transmit a record by any means agreed upon by the persons sending and receiving the record; or

    (iii)in the case of transmission of a record to or by a filing office, to transmit a record by any means prescribed by filing-office rule. 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
  • 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
  • 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)to a person that is a debtor or obligor, unless the secured party knows:

(a)that the person is a debtor or obligor;

(b)the identity of the person; and

(c)how to communicate with the person; or

(2)to a secured party or lienholder that has filed a financing statement against the person unless the secured party knows:

(a)that a person is a debtor; and

(b)the identity of the person.