Montana Code 30-9A-311. Perfection of security interests in property subject to certain statutes, regulations, and treaties
30-9A-311. Perfection of security interests in property subject to certain statutes, regulations, and treaties. (1) Except as otherwise provided in subsection (4), the filing of a financing statement is not necessary or effective to perfect a security interest in property subject to:
Terms Used In Montana Code 30-9A-311
- Certificate of title: means a certificate of title with respect to which a statute provides for the security interest in question to be indicated on the certificate as a condition or result of the security interest's obtaining priority over the rights of a lien creditor with respect to the collateral. See Montana Code 30-9A-102
- Collateral: means the property subject to a security interest or agricultural lien. 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
- Inventory: means goods, other than farm products, that:
(i)are leased by a person as lessor;
(ii)are held by a person for sale or lease or to be furnished under contracts of service;
(iii)are furnished by a person under a contract of service; or
(iv)consist of raw materials, work in process, or materials used or consumed in a business. See Montana Code 30-9A-102
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
- Lien creditor: means :
(i)a creditor that has acquired a lien on the property involved by attachment, levy, or the like;
(ii)an assignee for benefit of creditors from the time of assignment;
(iii)a trustee in bankruptcy from the date of the filing of the petition; and
(iv)a receiver in equity from the time of appointment. See Montana Code 30-9A-102
- Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
- Property: means real and personal property. See Montana Code 1-1-205
- Statute: A law passed by a legislature.
- United States: includes the District of Columbia and the territories. See Montana Code 1-1-201
(a)a statute, regulation, or treaty of the United States whose requirements for a security interest’s obtaining priority over the rights of a lien creditor with respect to the property preempt 30-9A-310(1);
(b)the certificate of title provisions of Title 23 or 61; or
(c)a statute of another jurisdiction that provides for a security interest to be indicated on a certificate of title as a condition or result of the security interest’s obtaining priority over the rights of a lien creditor with respect to the property.
(2)Compliance with the requirements of a statute, regulation, or treaty described in subsection (1) for obtaining priority over the rights of a lien creditor is equivalent to the filing of a financing statement under this chapter. Except as otherwise provided in 30-9A-313 and 30-9A-316(4) and (5) and subsection (4) of this section for goods covered by a certificate of title, a security interest in property subject to a statute, regulation, or treaty described in subsection (1) may be perfected only by compliance with those requirements, and a security interest so perfected remains perfected notwithstanding a change in the use or transfer of possession of the collateral.
(3)Except as otherwise provided in 30-9A-316(4) and (5) and subsection (4) of this section, duration and renewal of perfection of a security interest perfected by compliance with the requirements prescribed by a statute, regulation, or treaty described in subsection (1) are governed by the statute, regulation, or treaty. In other respects the security interest is subject to this chapter.
(4)During any period in which collateral subject to a statute specified in subsection (1)(b) is inventory held for sale or lease by a person or leased by that person as lessor and that person is in the business of selling goods of that kind, this section does not apply to a security interest in that collateral created by that person.