Montana Code 30-9A-704. Security interest unperfected before July 1, 2001
30-9A-704. Security interest unperfected before July 1, 2001. A security interest that is enforceable immediately before July 1, 2001, but that is subordinate to the rights of a person that becomes a lien creditor at that time:
Terms Used In Montana Code 30-9A-704
- Lien: A claim against real or personal property in satisfaction of a debt.
- Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
(1)remains an enforceable security interest for 1 year after July 1, 2001;
(2)remains enforceable thereafter if the security interest becomes enforceable under 30-9A-203 on July 1, 2001, or within 1 year thereafter; and
(3)becomes perfected:
(a)without further action, on July 1, 2001, if the applicable requirements for perfection under this chapter are satisfied before or at that time; or
(b)when the applicable requirements for perfection are satisfied if the requirements are satisfied after that time.