Montana Code 27-18-414. Duty of secured party
27-18-414. Duty of secured party. (1) The secured party under any security agreement of record, upon 15 days’ notice in writing served upon the party in person by any creditor of the debtor seeking to satisfy a demand of the creditor against the debtor, must be required to make and file in the office of the county clerk and recorder or other filing officer with whom the financing statement covering the security agreement is filed an affidavit showing the amount of the indebtedness then actually due and owing to the secured party. The affidavit must state the amount of the original obligation for which the security agreement was given as security, all additional advancement of money or property on the principal obligation since the date of the execution of the security agreement, all payments of any kind, whether on principal or interest, made by the debtor to the date of the execution of the affidavit by the secured party, and the balance then remaining due and unpaid to the secured party. If, within 15 days from the service of any demand in writing on the secured party by any creditor of the debtor, the secured party fails, refuses, or neglects to file the affidavit required in this section, the security agreement is of no force or effect as against the creditor upon the seizure of any personal property on attachment.
Terms Used In Montana Code 27-18-414
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Affidavit: means a sworn written declaration made before an officer authorized to administer oaths or an unsworn written declaration made under penalty of perjury as provided in 1-6-105. See Montana Code 1-1-203
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- 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.
- 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.
- Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
- Property: means real and personal property. See Montana Code 1-1-205
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
- Writing: includes printing. See Montana Code 1-1-203
(2)If the amount shown to be due is paid to the county treasurer, to a filing officer, or to the secured party in satisfaction of the security agreement by any attaching creditor against the debtor, the secured party must be required to surrender to the county treasurer or the filing officer the security agreement and any note or other evidence of indebtedness secured by the security agreement, and the security agreement or other evidence of indebtedness must be delivered by the secured party, county treasurer, or filing officer to the attaching creditor.