Terms Used In Montana Code > Title 30 > Chapter 9A > Part 4 - Rights of Third Parties

• Account debtor: means a person obligated on an account, chattel paper, or general intangible. See Montana Code 30-9A-102
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Chattel paper: means a record or records that evidence both a monetary obligation and a security interest in specific goods, a security interest in specific goods and software used in the goods, a security interest in specific goods and license of software used in the goods, a lease of specific goods, or a lease of specific goods and license of software used in the goods. See Montana Code 30-9A-102
• Collateral: means the property subject to a security interest or agricultural lien. See Montana Code 30-9A-102
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Consumer debtor: means a debtor in a consumer transaction. See Montana Code 30-9A-102
• Consumer transaction: means a transaction to the extent that:

  (i)an individual incurs an obligation primarily for personal, family, or household purposes;

  (ii)a security interest secures the obligation; and

  (iii)the collateral is held or acquired primarily for personal, family, or household purposes. See Montana Code 30-9A-102

• Contract: A legal written agreement that becomes binding when signed.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• 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

• General intangible: means any personal property, including things in action, other than accounts, chattel paper, commercial tort claims, deposit accounts, documents, goods, instruments, investment property, letter-of-credit rights, letters of credit, money, and oil, gas, or other minerals before extraction. See Montana Code 30-9A-102
• Good faith: means honesty in fact and the observance of reasonable commercial standards of fair dealing. See Montana Code 30-9A-102
• Goods: means all things that are movable when a security interest attaches. See Montana Code 30-9A-102
• Health-care-insurance receivable: means an interest in or claim under a policy of insurance that is a right to payment of a monetary obligation for health care goods or services provided. See Montana Code 30-9A-102
• Instrument: means :

  (A)a negotiable instrument; or

  (B)any other writing that evidences a right to the payment of a monetary obligation, is not itself a security agreement or lease, and is of a type that in the ordinary course of business is transferred by delivery with any necessary indorsement or assignment. See Montana Code 30-9A-102

• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Letter-of-credit right: means a right to payment and performance under a letter of credit, whether or not the beneficiary has demanded or is at the time entitled to demand payment or performance. See Montana Code 30-9A-102
• Lien: A claim against real or personal property in satisfaction of a debt.
• 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.
• Payment intangible: means a general intangible under which the account debtor's principal obligation is a monetary 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
• Promissory note: means an instrument that:

  (i)evidences a promise to pay a monetary obligation;

  (ii)does not evidence an order to pay; and

  (iii)does not contain an acknowledgment by a bank that the bank has received for deposit a sum of money or funds. See Montana Code 30-9A-102

• 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

• Statute: A law passed by a legislature.
• Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.