Terms Used In Montana Code > Title 30 > Chapter 9A > Part 6 - Default

• Account debtor: means a person obligated on an account, chattel paper, or general intangible. See Montana Code 30-9A-102
• accounting for: means a record:

  (i)authenticated by a secured party;

  (ii)indicating the aggregate unpaid secured obligations as of a date not more than 35 days earlier or 35 days later than the date of the record; and

  (iii)identifying the components of the obligations in reasonable detail. 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

• Bank: means an organization that is engaged in the business of banking. See Montana Code 30-9A-102
• Cash proceeds: means proceeds that are money, checks, deposit accounts, or the like. See Montana Code 30-9A-102
• Certificate of title: means a certificate of title with respect to which a statute provides for the security interest in question to be indicated on the certificate as a condition or result of the security interest's obtaining priority over the rights of a lien creditor with respect to the collateral. See Montana Code 30-9A-102
• 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

• 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
• Consumer obligor: means an obligor who is an individual and who incurred the obligation as part of a transaction entered into primarily for personal, family, or household purposes. 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

• Consumer-goods transaction: means a transaction to the extent that:

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

  (ii)a security interest in consumer goods or in consumer goods and software that is used, licensed, or bought for use primarily for personal, family, or household purposes secures the obligation. 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

• Deposit account: means a demand, time, savings, passbook, or similar account maintained with a bank. See Montana Code 30-9A-102
• Equipment: means goods other than inventory, farm products, or consumer goods. 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
• 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
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• 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
• 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}
• Lien: A claim against real or personal property in satisfaction of a debt.
• 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.
• Noncash proceeds: means proceeds other than cash proceeds. 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.
• 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
• Personal property: All property that is not real property.
• Personal property: means money, goods, chattels, things in action, and evidences of debt. See Montana Code 1-1-205
• Process: means a writ or summons issued in the course of judicial proceedings. See Montana Code 1-1-202
• Property: means real and personal property. See Montana Code 1-1-205
• Proposal: means a record authenticated by a secured party and including the terms on which the secured party is willing to accept collateral in full or partial satisfaction of the obligation it secures pursuant to 30-9A-620 through 30-9A-622. 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
• Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. ^{Source: FDIC}
• Secondary obligor: means an obligor to the extent that:

  (i)the obligor's obligation is secondary; or

  (ii)the obligor has a right of recourse with respect to an obligation secured by collateral against the debtor, another obligor, or property of either. 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
• 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

• Usual: means according to usage. See Montana Code 1-1-206
• Writing: includes printing. See Montana Code 1-1-203