Montana Code 71-3-123. When restoration extinguishes lien
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71-3-123. When restoration extinguishes lien. Except as otherwise provided by the Uniform Commercial Code, the voluntary restoration of property to its owner by the holder of a lien thereon, dependent upon possession, extinguishes the lien as to such property, unless otherwise agreed by the parties, and extinguishes it, notwithstanding any such agreement, as to creditors of the owner and persons subsequently acquiring a title to the property or a lien thereon in good faith and for a good consideration.
Terms Used In Montana Code 71-3-123
- Dependent: A person dependent for support upon another.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Property: means real and personal property. See Montana Code 1-1-205
- Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC