Montana Code 30-9A-509. Persons entitled to file record
30-9A-509. Persons entitled to file record. (1) A person may file an initial financing statement, an amendment that adds collateral covered by a financing statement, or an amendment that adds a debtor to a financing statement only if:
Terms Used In Montana Code 30-9A-509
- 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
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- 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
- 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
- Lien: A claim against real or personal property in satisfaction of a debt.
- Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
- 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
- Termination statement: means an amendment of a financing statement that:
(i)identifies, by its file number, the initial financing statement to which it relates; and
(ii)indicates either that it is a termination statement or that the identified financing statement is no longer effective. See Montana Code 30-9A-102
(a)the debtor authorizes the filing in an authenticated record or pursuant to subsection (2) or (3); or
(b)the person holds an agricultural lien that has become effective at the time of filing and the financing statement covers only collateral in which the person holds an agricultural lien.
(2)By authenticating a security agreement, a debtor authorizes the filing of an initial financing statement and an amendment covering:
(a)the collateral described in the security agreement; and
(b)property that becomes collateral under 30-9A-315(1)(b), whether or not the security agreement expressly covers proceeds.
(3)A person may file an amendment other than an amendment that adds collateral covered by a financing statement or an amendment that adds a debtor to a financing statement only if:
(a)the secured party of record authorizes the filing; or
(b)the amendment is a termination statement for a financing statement as to which the secured party of record has failed to file or send a termination statement as required by 30-9A-513(1) or (3), the debtor authorizes the filing, and the termination statement indicates that the debtor authorized it to be filed.
(4)If there is more than one secured party of record for a financing statement, each secured party of record may authorize the filing of an amendment under subsection (3).