Montana Code 30-9A-110. Security interests arising under chapter 2 or 2A
30-9A-110. Security interests arising under chapter 2 or 2A. A security interest arising under 30-2-401, 30-2-505, 30-2-711(3), or 30-2A-508(5) is subject to this chapter. However, until the debtor obtains possession of the goods:
Terms Used In Montana Code 30-9A-110
- 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
- Goods: means all things that are movable when a security interest attaches. 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
(1)the security interest is enforceable, even if the requirements of 30-9A-203(2)(c) have not been met;
(2)filing is not required to perfect the security interest;
(3)the rights of the secured party on default by the debtor are governed by chapter 2 or 2A, as applicable; and
(4)the security interest has priority over a conflicting security interest created by the debtor.