Montana Code 30-9A-308. When security interest or agricultural lien is perfected — continuity of perfection
30-9A-308. When security interest or agricultural lien is perfected — continuity of perfection. (1) Except as otherwise provided in 30-9A-309 and this section, a security interest is perfected if it has attached and all of the applicable requirements for perfection in 30-9A-310 through 30-9A-316 have been satisfied. A security interest is perfected when it attaches if the applicable requirements are satisfied before the security interest attaches.
Terms Used In Montana Code 30-9A-308
- Agricultural lien: means an interest, other than a security interest, in farm products:
(i)that secures payment or performance of an obligation for:
(A)goods or services furnished in connection with a debtor's farming operation; or
(B)rent on real property leased by a debtor in connection with its farming operation;
(ii)that is created by statute in favor of a person that:
(A)in the ordinary course of its business furnished goods or services to a debtor in connection with a debtor's farming operation; or
(B)leased real property to a debtor in connection with the debtor's farming operation; and
(iii)whose effectiveness does not depend on the person's possession of the personal property. 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 account: means an account maintained by a commodity intermediary in which a commodity contract is carried for a commodity customer. See Montana Code 30-9A-102
- Lien: A claim against real or personal property in satisfaction of a debt.
- 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.
(2)An agricultural lien is perfected if it has become effective and all of the applicable requirements for perfection in 30-9A-310 have been satisfied. An agricultural lien is perfected when it becomes effective if the applicable requirements are satisfied before the agricultural lien becomes effective.
(3)A security interest or agricultural lien is perfected continuously if it is originally perfected in one manner under this chapter and is later perfected in another manner under this chapter, without an intermediate period when it was unperfected.
(4)Perfection of a security interest in collateral also perfects a security interest in a supporting obligation for the collateral.
(5)Perfection of a security interest in a right to payment or performance also perfects a security interest in a security interest, mortgage, or other lien on personal or real property securing the right.
(6)Perfection of a security interest in a securities account also perfects a security interest in the security entitlements carried in the securities account.
(7)Perfection of a security interest in a commodity account also perfects a security interest in the commodity contracts carried in the commodity account.