Montana Code 30-9A-609. Secured party’s right to take possession after default
30-9A-609. Secured party’s right to take possession after default. (1) After default, a secured party:
Terms Used In Montana Code 30-9A-609
- Collateral: means the property subject to a security interest or agricultural lien. 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
- Equipment: means goods other than inventory, farm products, or consumer goods. See Montana Code 30-9A-102
- Process: means a writ or summons issued in the course of judicial proceedings. See Montana Code 1-1-202
- 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
(a)may take possession of the collateral; and
(b)without removal, may render equipment unusable and dispose of collateral on a debtor‘s premises under 30-9A-610.
(2)A secured party may proceed under subsection (1):
(a)pursuant to judicial process; or
(b)without judicial process, if it proceeds without breach of the peace.
(3)If so agreed, and in any event after default, a secured party may require the debtor to assemble the collateral and make it available to the secured party at a place to be designated by the secured party that is reasonably convenient to both parties.