Montana Code 27-18-804. Sale of property subject to a security interest — disposition of proceeds, security agreement
27-18-804. Sale of property subject to a security interest — disposition of proceeds, security agreement. (1) When the property taken under 27-18-413 is sold under process, the officer levying the writ must apply the proceeds of the sale as follows:
Terms Used In Montana Code 27-18-804
- 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.
- 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
(a)to the repayment of the sum paid to the secured party, with interest from the date of such payment; and
(b)the balance, if any, in like manner as the proceeds of sales under execution are applied in other cases.
(2)In the event the property is sold under attachment, such attaching creditor shall be required to deliver to the debtor the security agreement and any note or other evidence of indebtedness secured thereby obtained from the secured party when the property is sold for the amount of the indebtedness under the security agreement or an amount in excess thereof.