Montana Code 71-3-1604. Validity of lien — transferability
71-3-1604. Validity of lien — transferability. (1) The security interest and lien granted to an interest owner under this part are not dependent on the interest owner’s or operator‘s possession of the severed oil or gas.
Terms Used In Montana Code 71-3-1604
- Dependent: A person dependent for support upon another.
- First purchaser: means the first person who under contract purchases oil or gas from an interest owner at or after the time the oil or gas is severed. See Montana Code 71-3-1602
- Interest owner: means a person:
(a)who owns an entire or a fractional interest of any kind or nature in the oil or gas at the time it is severed; or
(b)who has a right, either express or implied, to receive a monetary payment determined by the value of the severed oil or gas. See Montana Code 71-3-1602
- Lien: A claim against real or personal property in satisfaction of a debt.
- Operator: means any person engaged in the severance of oil or gas on the operator's own behalf, on behalf of the operator and other persons, or on behalf of other persons. See Montana Code 71-3-1602
- Purchaser: means a person who under contract purchases oil or gas from a first purchaser. See Montana Code 71-3-1602
(2)A change or transfer of the actual or constructive possession of or title to the severed oil or gas from an interest owner or an operator to a first purchaser or purchaser does not void or impair the security interest or lien.