Montana Code 71-3-101. Definitions
71-3-101. Definitions. For purposes of this part, the following definitions apply:
Terms Used In Montana Code 71-3-101
- Lien: A claim against real or personal property in satisfaction of a debt.
- 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.
- Property: means real and personal property. See Montana Code 1-1-205
(1)A “general lien” is one which the holder of the lien is entitled to enforce as a security for the performance of all the obligations or all of a particular class of obligations that exist in the holder’s favor against the owner of the property.
(2)A “lien” is a charge imposed in some mode other than by a transfer in trust upon specific property by which it is made security for the performance of an act. Liens are either general or special.
(3)A “special lien” is one that the holder of the lien can enforce only as security for the performance of a particular act or obligation and of the obligations that may be incidental to the particular act or obligation.