Terms Used In Montana Code 30-9A-208

• Bank: means an organization that is engaged in the business of banking. 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
• Commodity intermediary: means a person that:

  (i)is registered as a futures commission merchant under federal commodities law; or

  (ii)in the ordinary course of its business provides clearance or settlement services for a board of trade that has been designated as a contract market pursuant to federal commodities law. 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

• Contract: A legal written agreement that becomes binding when signed.
• 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
• Document: means a document of title or a receipt of the type described in 30-7-201(2). See Montana Code 30-9A-102
• Electronic chattel paper: means chattel paper evidenced by a record or records consisting of information stored in an electronic medium. See Montana Code 30-9A-102
• Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
• Investment property: means a security, whether certificated or uncertificated, security entitlement, securities account, commodity contract, or commodity account. See Montana Code 30-9A-102
• Letter-of-credit right: means a right to payment and performance under a letter of credit, whether or not the beneficiary has demanded or is at the time entitled to demand payment or performance. 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.
• Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
• 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