Terms Used In Montana Code 30-9A-618

• Collateral: means the property subject to a security interest or agricultural lien. See Montana Code 30-9A-102
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Obligor: means a person that, with respect to an obligation secured by a security interest in or an agricultural lien on the collateral:

  (A)owes payment or other performance of the obligation;

  (B)has provided property other than the collateral to secure payment or other performance of the obligation; or

  (C)is otherwise accountable in whole or in part for payment or other performance of the obligation. See Montana Code 30-9A-102

• Secondary obligor: means an obligor to the extent that:

  (i)the obligor's obligation is secondary; or

  (ii)the obligor has a right of recourse with respect to an obligation secured by collateral against the debtor, another obligor, or property of either. See Montana Code 30-9A-102

• 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