Terms Used In Montana Code 30-9A-318

• 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

• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Payment intangible: means a general intangible under which the account debtor's principal obligation is a monetary obligation. See Montana Code 30-9A-102
• Promissory note: means an instrument that:

  (i)evidences a promise to pay a monetary obligation;

  (ii)does not evidence an order to pay; and

  (iii)does not contain an acknowledgment by a bank that the bank has received for deposit a sum of money or funds. See Montana Code 30-9A-102