30-9A-312. Perfection of security interests in chattel paper, deposit accounts, documents, goods covered by documents, instruments, investment property, letter-of-credit rights, and money — perfection by permissive filing — temporary perfection without filing or transfer of possession. (1) A security interest in chattel paper, negotiable documents, instruments, or investment property may be perfected by filing.

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Terms Used In Montana Code 30-9A-312

  • 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
  • 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
  • Goods: means all things that are movable when a security interest attaches. See Montana Code 30-9A-102
  • Instrument: means :

    (A)a negotiable instrument; or

    (B)any other writing that evidences a right to the payment of a monetary obligation, is not itself a security agreement or lease, and is of a type that in the ordinary course of business is transferred by delivery with any necessary indorsement or assignment. 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
  • New value: means :

    (A)money;

    (B)money's worth in property, services, or new credit; or

    (C)release by a transferee of an interest in property previously transferred to the transferee. See Montana Code 30-9A-102

  • 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

  • Security agreement: means an agreement that creates or provides for a security interest. See Montana Code 30-9A-102

(2)Except as otherwise provided in 30-9A-315(3) and (4) for proceeds:

(a)a security interest in a deposit account may be perfected only by control under 30-9A-314;

(b)a security interest in a letter-of-credit right may be perfected only by control under 30-9A-314, except as otherwise provided in 30-9A-308(4); and

(c)a security interest in money may be perfected only by the secured party‘s taking possession under 30-9A-313.

(3)While goods are in the possession of a bailee that has issued a negotiable document covering the goods:

(a)a security interest in the goods may be perfected by perfecting a security interest in the document; and

(b)a security interest perfected in the document has priority over any security interest that becomes perfected in the goods by another method during that time.

(4)While goods are in the possession of a bailee that has issued a nonnegotiable document covering the goods, a security interest in the goods may be perfected by:

(a)issuance of a document in the name of the secured party;

(b)the bailee’s receipt of notification of the secured party’s interest; or

(c)filing as to the goods.

(5)A security interest in certificated securities, negotiable documents, or instruments is perfected without filing or the taking of possession for a period of 20 days from the time it attaches to the extent that it arises for new value given under an authenticated security agreement.

(6)A perfected security interest in a negotiable document or goods in possession or control of a bailee, other than one that has issued a negotiable document for the goods, remains perfected for 20 days without filing if the secured party makes available to the debtor the goods or documents representing the goods for the purpose of:

(a)ultimate sale or exchange; or

(b)loading, unloading, storing, shipping, transshipping, manufacturing, processing, or otherwise dealing with them in a manner preliminary to their sale or exchange.

(7)A perfected security interest in a certificated security or instrument remains perfected for 20 days without filing if the secured party delivers the security certificate or instrument to the debtor for the purpose of:

(a)ultimate sale or exchange; or

(b)presentation, collection, enforcement, renewal, or registration of transfer.

(8)After the 20-day period specified in subsection (5), (6), or (7) expires, perfection depends upon compliance with this chapter.

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