Terms Used In Montana Code > Title 30 > Chapter 9A > Part 5 - Filing

• Account debtor: means a person obligated on an account, chattel paper, or general intangible. See Montana Code 30-9A-102
• Agricultural lien: means an interest, other than a security interest, in farm products:

  (i)that secures payment or performance of an obligation for:

  (A)goods or services furnished in connection with a debtor's farming operation; or

  (B)rent on real property leased by a debtor in connection with its farming operation;

  (ii)that is created by statute in favor of a person that:

  (A)in the ordinary course of its business furnished goods or services to a debtor in connection with a debtor's farming operation; or

  (B)leased real property to a debtor in connection with the debtor's farming operation; and

  (iii)whose effectiveness does not depend on the person's possession of the personal property. See Montana Code 30-9A-102

• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• As-extracted collateral: means :

  (i)oil, gas, or other minerals that are subject to a security interest that:

  (A)is created by a debtor having an interest in the minerals before extraction; and

  (B)attaches to the minerals as extracted; or

  (ii)accounts arising out of the sale at the wellhead or minehead of oil, gas, or other minerals in which the debtor had an interest before extraction. See Montana Code 30-9A-102

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• 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
• 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

• Consignment: means a transaction, regardless of its form, in which a person delivers goods to a merchant for the purpose of sale and:

  (i)the merchant:

  (A)deals in goods of that kind under a name other than the name of the person making delivery;

  (B)is not an auctioneer; and

  (C)is not generally known by its creditors to be substantially engaged in selling the goods of others;

  (ii)with respect to each delivery, the aggregate value of the goods is $1,000 or more at the time of delivery;

  (iii)the goods are not consumer goods immediately before delivery; and

  (iv)the transaction does not create a security interest that secures an obligation. See Montana Code 30-9A-102

• Consignor: means a person that delivers goods to a consignee in a consignment. See Montana Code 30-9A-102
• Consumer goods: means goods that are used or bought for use primarily for personal, family, or household purposes. See Montana Code 30-9A-102
• Continuation statement: means an amendment of a financing statement that:

  (i)identifies, by its file number, the initial financing statement to which it relates; and

  (ii)indicates that it is a continuation statement for, or that it is filed to continue the effectiveness of, the identified financing statement. 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

• Decedent: A deceased person.
• Equipment: means goods other than inventory, farm products, or consumer goods. See Montana Code 30-9A-102
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• File number: means the number assigned to an initial financing statement pursuant to 30-9A-519(1). See Montana Code 30-9A-102
• Filing office: means an office designated in 30-9A-501 as the place to file a financing statement. See Montana Code 30-9A-102
• Filing-office rule: means a rule adopted pursuant to 30-9A-526. 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
• Fixture filing: means the filing of a financing statement covering goods that are or are to become fixtures and satisfying the requirements of 30-9A-502(1) and (2). See Montana Code 30-9A-102
• Fixtures: means goods that have become so related to particular real property that an interest in them arises under real property law. See Montana Code 30-9A-102
• Goods: means all things that are movable when a security interest attaches. See Montana Code 30-9A-102
• Grantor: The person who establishes a trust and places property into it.
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Legislative session: That part of a chamber's daily session in which it considers legislative business (bills, resolutions, and actions related thereto).
• Lien: A claim against real or personal property in satisfaction of a debt.
• Manufactured-home transaction: means a secured transaction:

  (i)that creates a purchase-money security interest in a manufactured home, other than a manufactured home held as inventory; or

  (ii)in which a manufactured home, other than a manufactured home held as inventory, is the primary collateral. See Montana Code 30-9A-102

• Mortgage: means a consensual interest in real property, including fixtures, that is created by a mortgage, trust deed, or similar transaction. See Montana Code 30-9A-102
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgagee: The person to whom property is mortgaged and who has loaned the money.
• New debtor: means a person that becomes bound as debtor under 30-9A-203(4) by a security agreement previously entered into by another person. 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.
• 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
• Public organic record: means a record that is available to the public for inspection and is:

  (i)a record consisting of the record initially filed with or issued by a state or the United States to form or organize an organization and any record filed with or issued by the state or the United States which amends or restates the initial record;

  (ii)an organic record of a business trust consisting of the record initially filed with a state and any record filed with the state which amends or restates the initial record, if a statute of the state governing business trusts requires that the record be filed with the state; or

  (iii)a record consisting of legislation enacted by the legislature of a state or the congress of the United States which forms or organizes an organization, any record amending the legislation, and any record filed with or issued by the state or the United States which amends or restates the name of the organization. See Montana Code 30-9A-102

• Public-finance transaction: means a secured transaction in connection with which:

  (i)bonds, debentures, certificates of participation, or similar debt securities are issued;

  (ii)all or a portion of the securities issued have an initial stated maturity of at least 20 years; and

  (iii)the debtor, the obligor, the secured party, the account debtor or other person obligated on collateral, the assignor or assignee of a secured obligation, or the assignor or assignee of a security interest is a state or a governmental unit of a state. See Montana Code 30-9A-102

• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Real property: means lands, tenements, hereditaments, and possessory title to public lands. See Montana Code 1-1-205
• record owner: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Montana Code 30-9A-102
• Registered organization: means an organization formed or organized solely under the law of one state or the United States by the filing of a public organic record with, the issuance of a public organic record by, or the enactment of legislation by the state or the United States. 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

• Security agreement: means an agreement that creates or provides for a security interest. See Montana Code 30-9A-102
• State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Montana Code 30-9A-102
• Statute: A law passed by a legislature.
• Termination statement: means an amendment of a financing statement that:

  (i)identifies, by its file number, the initial financing statement to which it relates; and

  (ii)indicates either that it is a termination statement or that the identified financing statement is no longer effective. See Montana Code 30-9A-102

• Testator: A male person who leaves a will at death.
• Transmitting utility: means a person primarily engaged in the business of:

  (i)operating a railroad, subway, street railway, or trolley bus;

  (ii)transmitting electric or electronic communications;

  (iii)transmitting goods by pipeline or sewer; or

  (iv)transmitting or producing and transmitting electricity, steam, gas, or water. See Montana Code 30-9A-102

• Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. ^{Source: OCC}