Terms Used In Montana Code > Title 30 > Chapter 9A > Part 2 - Effectiveness of Security Agreement -- Attachment of Security Interest -- Rights of Parties to Security Agreement

• Accession: means goods that are physically united with other goods in such a manner that the identity of the original goods is not lost. See Montana Code 30-9A-102
• Account debtor: means a person obligated on an account, chattel paper, or general intangible. See Montana Code 30-9A-102
• account for: means a right to payment of a monetary obligation, whether or not earned by performance:

  (A)for property that has been or is to be sold, leased, licensed, assigned, or otherwise disposed of;

  (B)for services rendered or to be rendered;

  (C)for a policy of insurance issued or to be issued;

  (D)for a secondary obligation incurred or to be incurred;

  (E)for energy provided or to be provided;

  (F)for the use or hire of a vessel under a charter or other contract;

  (G)arising out of the use of a credit or charge card or information contained on or for use with the card; or

  (H)as winnings in a lottery or other game of chance operated or sponsored by a state, governmental unit of a state, or person licensed or authorized to operate the game by a state or governmental unit of a state. See Montana Code 30-9A-102

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• Bank: means an organization that is engaged in the business of banking. See Montana Code 30-9A-102
• Chattel paper: means a record or records that evidence both a monetary obligation and a security interest in specific goods, a security interest in specific goods and software used in the goods, a security interest in specific goods and license of software used in the goods, a lease of specific goods, or a lease of specific goods and license of software used in the goods. See Montana Code 30-9A-102
• Collateral: means the property subject to a security interest or agricultural lien. See Montana Code 30-9A-102
• Commodity account: means an account maintained by a commodity intermediary in which a commodity contract is carried for a commodity customer. See Montana Code 30-9A-102
• Commodity intermediary: means a person that:

  (i)is registered as a futures commission merchant under federal commodities law; or

  (ii)in the ordinary course of its business provides clearance or settlement services for a board of trade that has been designated as a contract market pursuant to federal commodities law. See Montana Code 30-9A-102

• Communicate: means :

  (i)to send a written or other tangible record;

  (ii)to transmit a record by any means agreed upon by the persons sending and receiving the record; or

  (iii)in the case of transmission of a record to or by a filing office, to transmit a record by any means prescribed by filing-office rule. See Montana Code 30-9A-102

• Consignor: means a person that delivers goods to a consignee in a consignment. See Montana Code 30-9A-102
• Consumer goods: means goods that are used or bought for use primarily for personal, family, or household purposes. See Montana Code 30-9A-102
• Contract: A legal written agreement that becomes binding when signed.
• 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

• Deposit account: means a demand, time, savings, passbook, or similar account maintained with a bank. See Montana Code 30-9A-102
• Document: means a document of title or a receipt of the type described in 30-7-201(2). See Montana Code 30-9A-102
• Electronic chattel paper: means chattel paper evidenced by a record or records consisting of information stored in an electronic medium. See Montana Code 30-9A-102
• Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
• Goods: means all things that are movable when a security interest attaches. See Montana Code 30-9A-102
• Instrument: means :

  (A)a negotiable instrument; or

  (B)any other writing that evidences a right to the payment of a monetary obligation, is not itself a security agreement or lease, and is of a type that in the ordinary course of business is transferred by delivery with any necessary indorsement or assignment. See Montana Code 30-9A-102

• Investment property: means a security, whether certificated or uncertificated, security entitlement, securities account, commodity contract, or commodity account. See Montana Code 30-9A-102
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Letter-of-credit right: means a right to payment and performance under a letter of credit, whether or not the beneficiary has demanded or is at the time entitled to demand payment or performance. See Montana Code 30-9A-102
• Lien: A claim against real or personal property in satisfaction of a debt.
• New debtor: means a person that becomes bound as debtor under 30-9A-203(4) by a security agreement previously entered into by another person. 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

• Payment intangible: means a general intangible under which the account debtor's principal obligation is a monetary obligation. See Montana Code 30-9A-102
• Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
• Property: means real and personal property. See Montana Code 1-1-205
• Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. ^{Source: FDIC}
• 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
• Statute: A law passed by a legislature.
• Supporting obligation: means a letter-of-credit right or secondary obligation that supports the payment or performance of an account, chattel paper, document, general intangible, instrument, or investment property. See Montana Code 30-9A-102
• Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
• Writing: includes printing. See Montana Code 1-1-203