Montana Code 30-9A-310. When filing required to perfect security interest or agricultural lien — security interests and agricultural liens to which filing provisions do not apply
30-9A-310. When filing required to perfect security interest or agricultural lien — security interests and agricultural liens to which filing provisions do not apply. (1) Except as otherwise provided in 30-9A-312(2) or subsection (2) of this section, a financing statement must be filed to perfect all security interests and agricultural liens.
Terms Used In Montana Code 30-9A-310
- 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
- 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
- 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
- Financing statement: means a record or records composed of an initial financing statement and any filed record relating to the initial financing statement. See Montana Code 30-9A-102
- Goods: means all things that are movable when a security interest attaches. See Montana Code 30-9A-102
- 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
- Lien: A claim against real or personal property in satisfaction of a debt.
- Property: means real and personal property. See Montana Code 1-1-205
- 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
- Statute: A law passed by a legislature.
(2)The filing of a financing statement is not necessary to perfect a security interest:
(a)that is perfected under 30-9A-308(4), (5), (6), or (7);
(b)that is perfected under 30-9A-309 when it attaches;
(c)in property subject to a statute, regulation, or treaty described in 30-9A-311(1);
(d)in goods in possession of a bailee that is perfected under 30-9A-312(4)(a) or (4)(b);
(e)in certificated securities, documents, goods, or instruments that is perfected without filing or possession under 30-9A-312(5), (6), or (7);
(f)in collateral in the secured party‘s possession under 30-9A-313;
(g)in a certificated security that is perfected by delivery of the security certificate to the secured party under 30-9A-313;
(h)in a deposit account, electronic chattel paper, electronic document, investment property, or letter-of-credit right that is perfected by control under 30-9A-314;
(i)in proceeds which is perfected under 30-9A-315; or
(j)that is perfected under 30-9A-316.
(3)If a secured party assigns a perfected security interest or agricultural lien, a filing under this chapter is not required to continue the perfected status of the security interest against creditors of and transferees from the original debtor.