reglab/statecodes huggingface dataset:
2023 Montana Code Annotated › Title 30. Trade and Commerce › Chapter 9A. Uniform Commercial Code Secured Transactions › Part 6. Default › 30-9A-605. Unknown debtor or secondary obligor

30-9A-605. Unknown debtor or secondary obligor.
A secured party does not owe a duty based on its status as secured party:
(1) to a person that is a debtor or obligor, unless the secured party knows:
(a) that the person is a debtor or obligor;
(b) the identity of the person; and
(c) how to communicate with the person; or
(2) to a secured party or lienholder that has filed a financing statement against the person unless the secured party knows:
(a) that a person is a debtor; and
(b) the identity of the person.
History: En. Sec. 102, Ch. 305, L. 1999; Sec. 30-9-605, MCA 1999; redes. 30-9A-605 by Code Commissioner, 2001.
2023 Montana Code Annotated › Title 30. Trade and Commerce › Chapter 9A. Uniform Commercial Code Secured Transactions › Part 6. Default › 30-9A-606. Time of default for agricultural lien

30-9A-606. Time of default for agricultural lien.
For purposes of this part, a default occurs in connection with an agricultural lien at the time the secured party becomes entitled to enforce the lien in accordance with the statute under which it was created.
History: En. Sec. 103, Ch. 305, L. 1999; Sec. 30-9-606, MCA 1999; redes. 30-9A-606 by Code Commissioner, 2001.
2023 Montana Code Annotated › Title 30. Trade and Commerce › Chapter 9A. Uniform Commercial Code Secured Transactions › Part 6. Default › 30-9A-607. Collection and enforcement by secured party

30-9A-607. Collection and enforcement by secured party.
(1) If so agreed, and in any event on default, a secured party:
(a) may notify an account debtor or other person obligated on collateral to make payment or otherwise render performance to or for the benefit of the secured party;
(b) may take any proceeds to which the secured party is entitled under 30-9A-315;
(c) may enforce the obligations of an account debtor or other person obligated on collateral and exercise the rights and remedies of the debtor with respect to the obligation of the account debtor or other person obligated on collateral to make payment or otherwise render performance to the debtor and with respect to any property that secures the obligations of the account debtor or other person obligated on the collateral;
(d) if it holds a security interest in a deposit account perfected by control under 30-9A-104(1)(a), may apply the balance of the deposit account to the obligation secured by the deposit account; and
(e) if it holds a security interest in a deposit account perfected by control under 30-9A-104(1)(b) or (1)(c), may instruct the bank to pay the balance of the deposit account to or for the benefit of the secured party.
(2) If necessary to enable a secured party to exercise under subsection (1)(c) the right of a debtor to enforce nonjudicially any mortgage, the secured party may record in the office in which the mortgage is recorded:
(a) a copy of the security agreement that creates or provides for a security interest in the obligation secured by the mortgage; and
(b) the secured party's sworn affidavit in recordable form stating that:
(i) a default has occurred with respect to the obligation secured by the mortgage; and
(ii) the secured party is entitled to enforce the mortgage nonjudicially.
(3) A secured party shall proceed in a commercially reasonable manner if the secured party:
(a) undertakes to collect from or enforce an obligation of an account debtor or other person obligated on collateral; and
(b) is entitled to charge back uncollected collateral or otherwise to full or limited recourse against the debtor or a secondary obligor.
(4) A secured party may deduct from the collections made pursuant to subsection (3) reasonable expenses of collection and enforcement, including reasonable attorneys fees and legal expenses incurred by the secured party.
(5) This section does not determine whether an account debtor, bank, or other person obligated on collateral owes a duty to a secured party.
History: En. Sec. 104, Ch. 305, L. 1999; Sec. 30-9-607, MCA 1999; redes. 30-9A-607 by Code Commissioner, 2001; amd. Sec. 18, Ch. 75, L. 2013.
2023 Montana Code Annotated › Title 30. Trade and Commerce › Chapter 9A. Uniform Commercial Code Secured Transactions › Part 6. Default › 30-9A-608. Application of proceeds of collection or enforcement -- liability for deficiency and right to surplus

30-9A-608. Application of proceeds of collection or enforcement -- liability for deficiency and right to surplus.
(1) If a security interest or agricultural lien secures payment or performance of an obligation, the following rules apply:
(a) A secured party shall apply or pay over for application the cash proceeds of collection or enforcement under 30-9A-607 in the following order to:
(i) the reasonable expenses of collection and enforcement and, to the extent provided for by agreement and not prohibited by law, reasonable attorneys fees and legal expenses incurred by the secured party;
(ii) the satisfaction of obligations secured by the security interest or agricultural lien under which the collection or enforcement is made; and
(iii) the satisfaction of obligations secured by any subordinate security interest in or other lien on the collateral subject to the security interest or agricultural lien under which the collection or enforcement is made if the secured party receives an authenticated demand for proceeds before distribution of the proceeds is completed.
(b) If requested by a secured party, a holder of a subordinate security interest or other lien shall furnish reasonable proof of the interest or lien within a reasonable time. Unless the holder complies, the secured party need not comply with the holder's demand under subsection (1)(a)(iii).
(c) A secured party need not apply or pay over for application the noncash proceeds of collection and enforcement under 30-9A-607 unless the failure to do so would be commercially unreasonable. A secured party that applies or pays over for application noncash proceeds shall do so in a commercially reasonable manner.
(d) A secured party shall account to and pay a debtor for any surplus, and the obligor is liable for any deficiency.
(2) If the underlying transaction is a sale of accounts, chattel paper, payment intangibles, or promissory notes, the debtor is not entitled to any surplus and the obligor is not liable for any deficiency.
History: En. Sec. 105, Ch. 305, L. 1999; amd. Sec. 19, Ch. 179, L. 2001; Sec. 30-9-608, MCA 1999; redes. 30-9A-608 by Code Commissioner, 2001.
2023 Montana Code Annotated › Title 30. Trade and Commerce › Chapter 9A. Uniform Commercial Code Secured Transactions › Part 6. Default › 30-9A-609. Secured party's right to take possession after default

30-9A-609. Secured party's right to take possession after default.
(1) After default, a secured party:
(a) may take possession of the collateral; and
(b) without removal, may render equipment unusable and dispose of collateral on a debtor's premises under 30-9A-610.
(2) A secured party may proceed under subsection (1):
(a) pursuant to judicial process; or
(b) without judicial process, if it proceeds without breach of the peace.
(3) If so agreed, and in any event after default, a secured party may require the debtor to assemble the collateral and make it available to the secured party at a place to be designated by the secured party that is reasonably convenient to both parties.
History: En. Sec. 106, Ch. 305, L. 1999; Sec. 30-9-609, MCA 1999; redes. 30-9A-609 by Code Commissioner, 2001.
2023 Montana Code Annotated › Title 30. Trade and Commerce › Chapter 9A. Uniform Commercial Code Secured Transactions › Part 6. Default › 30-9A-610. Disposition of collateral after default

30-9A-610. Disposition of collateral after default.
(1) After default, a secured party may sell, lease, license, or otherwise dispose of any or all of the collateral in its present condition or following any commercially reasonable preparation or processing.
(2) Every aspect of a disposition of collateral, including the method, manner, time, place, and other terms, must be commercially reasonable. If commercially reasonable, a secured party may dispose of collateral by public or private proceedings, by one or more contracts, as a unit or in parcels, and at any time and place and on any terms.
(3) A secured party may purchase collateral:
(a) at a public disposition; or
(b) at a private disposition only if the collateral is of a kind that is customarily sold on a recognized market or the subject of widely distributed standard price quotations.
(4) A contract for sale, lease, license, or other disposition includes the warranties relating to title, possession, quiet enjoyment, and the like that by operation of law accompany a voluntary disposition of property of the kind subject to the contract.
(5) A secured party may disclaim or modify warranties under subsection (4):
(a) in a manner that would be effective to disclaim or modify the warranties in a voluntary disposition of property of the kind subject to the contract of disposition; or
(b) by communicating to the purchaser a record evidencing the contract for disposition and including an express disclaimer or modification of the warranties.
(6) A record is sufficient to disclaim warranties under subsection (5) if it indicates "There is no warranty relating to title, possession, quiet enjoyment, or the like in this disposition" or uses words of similar import.
History: En. Sec. 107, Ch. 305, L. 1999; Sec. 30-9-610, MCA 1999; redes. 30-9A-610 by Code Commissioner, 2001.
2023 Montana Code Annotated › Title 30. Trade and Commerce › Chapter 9A. Uniform Commercial Code Secured Transactions › Part 6. Default › 30-9A-611. Notification before disposition of collateral

30-9A-611. Notification before disposition of collateral.
(1) In this section, "notification date" means the earlier of the date on which:
(a) a secured party sends to the debtor and any secondary obligor an authenticated notification of disposition; or
(b) the debtor and any secondary obligor waive the right to notification.
(2) Except as otherwise provided in subsection (4), a secured party that disposes of collateral under 30-9A-610 shall send to the persons specified in subsection (3) a reasonable authenticated notification of disposition.
(3) To comply with subsection (2), the secured party shall send an authenticated notification of disposition to:
(a) the debtor;
(b) any secondary obligor; and
(c) if the collateral is other than consumer goods:
(i) any other person from which the secured party has received, before the notification date, an authenticated notification of a claim of an interest in the collateral;
(ii) any other secured party that, 10 days before the notification date, held a security interest in or agricultural lien on the collateral perfected by the filing of a financing statement that:
(A) identified the collateral;
(B) was indexed under the debtor's name as of that date; and
(C) was filed in the office in which to file a financing statement against the debtor covering the collateral as of that date; and
(iii) any other secured party that, 10 days before the notification date, held a security interest in the collateral perfected by compliance with a statute, regulation, or treaty described in 30-9A-311(1).
(4) Subsection (2) does not apply if the collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market.
(5) A secured party complies with the requirement for notification prescribed in subsection (3)(c)(ii) if:
(a) not later than 20 days or earlier than 30 days before the notification date, the secured party requests, in a commercially reasonable manner, information concerning financing statements indexed under the debtor's name in the office indicated in subsection (3)(c)(ii); and
(b) before the notification date, the secured party:
(i) did not receive a response to the request for information; or
(ii) received a response to the request for information and sent an authenticated notification of disposition to each secured party named in that response and whose financing statement covered the collateral.
History: En. Sec. 108, Ch. 305, L. 1999; Sec. 30-9-611, MCA 1999; redes. 30-9A-611 by Code Commissioner, 2001.
2023 Montana Code Annotated › Title 30. Trade and Commerce › Chapter 9A. Uniform Commercial Code Secured Transactions › Part 6. Default › 30-9A-612. Timeliness of notification before disposition of collateral

30-9A-612. Timeliness of notification before disposition of collateral.
(1) Except as otherwise provided in subsection (2), whether a notification is sent within a reasonable time is a question of fact.
(2) In a transaction other than a consumer transaction, a notification of disposition sent after default and 10 days or more before the earliest time of disposition set forth in the notification is sent within a reasonable time before the disposition.
History: En. Sec. 109, Ch. 305, L. 1999; Sec. 30-9-612, MCA 1999; redes. 30-9A-612 by Code Commissioner, 2001.
2023 Montana Code Annotated › Title 30. Trade and Commerce › Chapter 9A. Uniform Commercial Code Secured Transactions › Part 6. Default › 30-9A-613. Contents and form of notification before disposition of collateral -- general

30-9A-613. Contents and form of notification before disposition of collateral -- general.
(1) Except in a consumer-goods transaction, the following rules apply:
(a) The contents of a notification of disposition are sufficient if the notification:
(i) describes the debtor and the secured party;
(ii) describes the collateral that is the subject of the intended disposition;
(iii) states the method of intended disposition;
(iv) states that the debtor is entitled to an accounting of the unpaid indebtedness and states the charge, if any, for an accounting; and
(v) states the time and place of a public disposition or the time after which any other disposition is to be made.
(b) Whether the contents of a notification that lacks any of the information set forth in subsection (1) are nevertheless sufficient is a question of fact.
(c) The contents of a notification providing substantially the information specified in subsection (1) are sufficient, even if the notification includes:
(i) information not specified by that subsection; or
(ii) minor errors that are not seriously misleading.
(d) A particular phrasing of the notification is not required.
(2) The following form of notification and the form appearing in 30-9A-614(3), when completed, each provides sufficient information:
NOTIFICATION OF DISPOSITION OF COLLATERAL
To: [Name of debtor, obligor, or other person to which the notification is sent]
From: [Name, address, and telephone number of secured party]
Name of Debtor(s): [Include only if debtor(s) are not an addressee]
[For a public disposition:]
We will sell [or lease or license, as applicable] the [describe collateral] [to the highest qualified bidder] in public as follows:
Day and Date: ...................
Time: ...................
Place: ...................
[For a private disposition:]
We will sell [or lease or license, as applicable] the [describe collateral] privately sometime after [day and date].
You are entitled to an accounting of the unpaid indebtedness secured by the property that we intend to sell [or lease or license, as applicable] [for a charge of $ .......]. You may request an accounting by calling us at [telephone number]
[End of Form]
History: En. Sec. 110, Ch. 305, L. 1999; amd. Sec. 20, Ch. 179, L. 2001; Sec. 30-9-613, MCA 1999; redes. 30-9A-613 by Code Commissioner, 2001.
2023 Montana Code Annotated › Title 30. Trade and Commerce › Chapter 9A. Uniform Commercial Code Secured Transactions › Part 6. Default › 30-9A-617. Rights of transferee of collateral

30-9A-617. Rights of transferee of collateral.
(1) A secured party's disposition of collateral after default:
(a) transfers to a transferee for value all of the debtor's rights in the collateral;
(b) discharges the security interest under which the disposition is made; and
(c) discharges any subordinate security interest or other lien.
(2) A transferee that acts in good faith takes free of the rights and interests described in subsection (1), even if the secured party fails to comply with the requirements of this chapter or any judicial proceedings.
(3) If a transferee does not take free of the rights and interests described in subsection (1), the transferee takes the collateral subject to:
(a) the debtor's rights in the collateral;
(b) the security interest or agricultural lien under which the disposition is made; and
(c) any security interest or other lien.
History: En. Sec. 114, Ch. 305, L. 1999; Sec. 30-9-617, MCA 1999; redes. 30-9A-617 by Code Commissioner, 2001.
2023 Montana Code Annotated › Title 30. Trade and Commerce › Chapter 9A. Uniform Commercial Code Secured Transactions › Part 6. Default › 30-9A-618. Rights and duties of certain secondary obligors

30-9A-618. Rights and duties of certain secondary obligors.
(1) A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor:
(a) receives an assignment of a secured obligation from the secured party;
(b) receives a transfer of collateral from the secured party and agrees to accept the rights and assume the duties of the secured party; or
(c) is subrogated to the rights of a secured party with respect to collateral.
(2) An assignment, transfer, or subrogation described in subsection (1):
(a) is not a disposition of collateral under 30-9A-610; and
(b) relieves the secured party of further duties under this chapter.
History: En. Sec. 115, Ch. 305, L. 1999; Sec. 30-9-618, MCA 1999; redes. 30-9A-618 by Code Commissioner, 2001.
2023 Montana Code Annotated › Title 30. Trade and Commerce › Chapter 9A. Uniform Commercial Code Secured Transactions › Part 6. Default › 30-9A-619. Transfer of record or legal title

30-9A-619. Transfer of record or legal title.
(1) In this section, "transfer statement" means a record authenticated by a secured party stating:
(a) that the debtor has defaulted in connection with an obligation secured by specified collateral;
(b) that the secured party has exercised its postdefault remedies with respect to the collateral;
(c) that, by reason of the exercise, a transferee has acquired the rights of the debtor in the collateral; and
(d) the name and mailing address of the secured party, debtor, and transferee.
(2) A transfer statement entitles the transferee to the transfer of record of all rights of the debtor in the collateral specified in the statement in any official filing, recording, registration, or certificate of title system covering the collateral. If a transfer statement is presented with the applicable fee and request form to the official or office responsible for maintaining the system, the official or office shall:
(a) accept the transfer statement;
(b) promptly amend its records to reflect the transfer; and
(c) if applicable, issue a new appropriate certificate of title in the name of transferee.
(3) A transfer of the record or legal title to collateral to a secured party under subsection (2) or otherwise is not of itself a disposition of collateral under this chapter and does not of itself relieve the secured party of its duties under this chapter.
History: En. Sec. 116, Ch. 305, L. 1999; Sec. 30-9-619, MCA 1999; redes. 30-9A-619 by Code Commissioner, 2001.
2023 Montana Code Annotated › Title 30. Trade and Commerce › Chapter 9A. Uniform Commercial Code Secured Transactions › Part 6. Default › 30-9A-621. Notification of proposal to accept collateral

30-9A-621. Notification of proposal to accept collateral.
(1) A secured party that desires to accept collateral in full or partial satisfaction of the obligation it secures shall send its proposal to:
(a) any person from which the secured party has received, before the debtor consented to the acceptance, an authenticated notification of a claim of an interest in the collateral;
(b) any other secured party or lienholder that, 10 days before the debtor consented to the acceptance, held a security interest in or other lien on the collateral perfected by the filing of a financing statement that:
(i) identified the collateral;
(ii) was indexed under the debtor's name as of that date; and
(iii) was filed in the office or offices in which to file a financing statement against the debtor covering the collateral as of that date; and
(c) any other secured party that, 10 days before the debtor consented to the acceptance, held a security interest in the collateral perfected by compliance with a statute, regulation, or treaty described in 30-9A-311(1).
(2) A secured party that desires to accept collateral in partial satisfaction of the obligation it secures shall send its proposal to any secondary obligor in addition to the persons described in subsection (1).
History: En. Sec. 118, Ch. 305, L. 1999; Sec. 30-9-621, MCA 1999; redes. 30-9A-621 by Code Commissioner, 2001.
2023 Montana Code Annotated › Title 30. Trade and Commerce › Chapter 9A. Uniform Commercial Code Secured Transactions › Part 6. Default › 30-9A-622. Effect of acceptance of collateral

30-9A-622. Effect of acceptance of collateral.
(1) A secured party's acceptance of collateral in full or partial satisfaction of the obligation it secures:
(a) discharges the obligation to the extent consented to by the debtor;
(b) transfers to the secured party all of a debtor's rights in the collateral;
(c) discharges the security interest or agricultural lien that is the subject of the debtor's consent and any subordinate security interest or other lien; and
(d) terminates any other subordinate interest.
(2) A subordinate interest is discharged or terminated under subsection (1) whether or not the secured party is required to send or does send its proposal to the holder of the interest. However, any person to which the secured party was required to send, but did not send, its proposal has the remedy provided by 30-9A-625(2).
History: En. Sec. 119, Ch. 305, L. 1999; Sec. 30-9-622, MCA 1999; redes. 30-9A-622 by Code Commissioner, 2001.
2023 Montana Code Annotated › Title 30. Trade and Commerce › Chapter 9A. Uniform Commercial Code Secured Transactions › Part 6. Default › 30-9A-623. Right to redeem collateral

30-9A-623. Right to redeem collateral.
(1) A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral.
(2) To redeem collateral, a person shall tender:
(a) fulfillment of all obligations secured by the collateral; and
(b) the reasonable expenses and attorneys fees described in 30-9A-615(1)(a).
(3) A redemption may occur at any time before a secured party:
(a) has collected collateral under 30-9A-607;
(b) has disposed of collateral or entered into a contract for its disposition under 30-9A-610; or
(c) has accepted collateral in full or partial satisfaction of the obligation it secures under 30-9A-622.
History: En. Sec. 120, Ch. 305, L. 1999; Sec. 30-9-623, MCA 1999; redes. 30-9A-623 by Code Commissioner, 2001.
2023 Montana Code Annotated › Title 30. Trade and Commerce › Chapter 9A. Uniform Commercial Code Secured Transactions › Part 6. Default › 30-9A-624. Waiver

30-9A-624. Waiver.
(1) A debtor or secondary obligor may waive the right to notification of disposition of collateral under 30-9A-611 only by authenticating an agreement to that effect entered into and authenticated after default.
(2) A debtor may waive the right to require disposition of collateral under 30-9A-620(5) only by an agreement to that effect entered into and authenticated after default.
(3) Except in a consumer-goods transaction, a debtor or secondary obligor may waive the right to redeem collateral under 30-9A-623 only by an agreement to that effect after default.
History: En. Sec. 121, Ch. 305, L. 1999; Sec. 30-9-624, MCA 1999; redes. 30-9A-624 by Code Commissioner, 2001.
2023 Montana Code Annotated › Title 30. Trade and Commerce › Chapter 9A. Uniform Commercial Code Secured Transactions › Part 6. Default › 30-9A-626. Action in which deficiency or surplus is in issue

30-9A-626. Action in which deficiency or surplus is in issue.
(1) In an action arising from a transaction, other than a consumer transaction, in which the amount of a deficiency or surplus is in issue, the following rules apply:
(a) A secured party need not prove compliance with the provisions of this part relating to collection, enforcement, disposition, or acceptance unless the debtor or a secondary obligor places the secured party's compliance in issue.
(b) If the secured party's compliance is placed in issue, the secured party has the burden of establishing that the collection, enforcement, disposition, or acceptance was conducted in accordance with this part.
(c) Except as otherwise provided in 30-9A-628, if a secured party fails to prove that the collection, enforcement, disposition, or acceptance was conducted in accordance with the provisions of this part relating to collection, enforcement, disposition, or acceptance, the liability of a debtor or a secondary obligor for a deficiency is limited to an amount by which the sum of the secured obligation, expenses, and attorneys fees exceeds the greater of:
(i) the proceeds of the collection, enforcement, disposition, or acceptance; or
(ii) the amount of proceeds that would have been realized had the noncomplying secured party proceeded in accordance with the provisions of this part relating to collection, enforcement, disposition, or acceptance.
(d) For purposes of subsection (1)(c)(ii), the amount of proceeds that would have been realized is equal to the sum of the secured obligation, expenses, and attorneys fees unless the secured party proves that the amount is less than that sum.
(e) If a deficiency or surplus is calculated under 30-9A-615(6), the debtor or obligor has the burden of establishing that the amount of proceeds of the disposition is significantly below the range of prices that a complying disposition to a person other than the secured party, a person related to the secured party, or a secondary obligor would have brought.
(2) The limitation of the rules in subsection (1) to transactions other than consumer transactions is intended to leave to the court the determination of the proper rules in consumer transactions. The court may not infer from that limitation the nature of the proper rule in consumer transactions and may continue to apply established approaches.
History: En. Sec. 123, Ch. 305, L. 1999; Sec. 30-9-626, MCA 1999; redes. 30-9A-626 by Code Commissioner, 2001.
2023 Montana Code Annotated › Title 30. Trade and Commerce › Chapter 9A. Uniform Commercial Code Secured Transactions › Part 6. Default › 30-9A-627. Determination of whether conduct was commercially reasonable

30-9A-627. Determination of whether conduct was commercially reasonable.
(1) The fact that a greater amount could have been obtained by a collection, enforcement, disposition, or acceptance at a different time or in a different method from that selected by the secured party is not of itself sufficient to preclude the secured party from establishing that the collection, enforcement, disposition, or acceptance was made in a commercially reasonable manner.
(2) A disposition of collateral is made in a commercially reasonable manner if the disposition is made:
(a) in the usual manner on any recognized market;
(b) at the price current in any recognized market at the time of the disposition; or
(c) otherwise in conformity with reasonable commercial practices among dealers in the type of property that was the subject of the disposition.
(3) A collection, enforcement, disposition, or acceptance is commercially reasonable if it has been approved:
(a) in a judicial proceeding;
(b) by a bona fide creditors' committee;
(c) by a representative of creditors; or
(d) by an assignee for the benefit of creditors.
(4) Approval under subsection (3) need not be obtained, and lack of approval does not mean that the collection, enforcement, disposition, or acceptance is not commercially reasonable.
History: En. Sec. 124, Ch. 305, L. 1999; Sec. 30-9-627, MCA 1999; redes. 30-9A-627 by Code Commissioner, 2001.
2023 Montana Code Annotated › Title 30. Trade and Commerce › Chapter 9A. Uniform Commercial Code Secured Transactions › Part 6. Default › 30-9A-628. Nonliability and limitation on liability of secured party -- liability of secondary obligor

30-9A-628. Nonliability and limitation on liability of secured party -- liability of secondary obligor.
(1) Unless a secured party knows that a person is a debtor or obligor, knows the identity of the person, and knows how to communicate with the person:
(a) the secured party is not liable to the person, or to a secured party or lienholder that has filed a financing statement against the person, for failure to comply with this chapter; and
(b) the secured party's failure to comply with this chapter does not affect the liability of the person for a deficiency.
(2) A secured party is not liable because of its status as a secured party:
(a) to a person that is a debtor or obligor, unless the secured party knows:
(i) that the person is a debtor or obligor;
(ii) the identity of the person; and
(iii) how to communicate with the person; or
(b) to a secured party or lienholder that has filed a financing statement against a person, unless the secured party knows:
(i) that the person is a debtor; and
(ii) the identity of the person.
(3) A secured party is not liable to any person, and a person's liability for a deficiency is not affected, because of any act or omission arising out of the secured party's reasonable belief that a transaction is not a consumer-goods transaction or a consumer transaction or that goods are not consumer goods if the secured party's belief is based on its reasonable reliance on:
(a) a debtor's representation concerning the purpose for which collateral was to be used, acquired, or held; or
(b) an obligor's representation concerning the purpose for which a secured obligation was incurred.
(4) A secured party is not liable to any person under 30-9A-625(3)(b) for its failure to comply with 30-9A-616.
(5) A secured party is not liable under 30-9A-625(3)(b) more than once with respect to any one secured obligation.
History: En. Sec. 125, Ch. 305, L. 1999; Sec. 30-9-628, MCA 1999; redes. 30-9A-628 by Code Commissioner, 2001.
2023 Montana Code Annotated › Title 30. Trade and Commerce › Chapter 9A. Uniform Commercial Code Secured Transactions › Part 7. Transition › 30-9A-703. Security interest perfected before July 1, 2001

30-9A-703. Security interest perfected before July 1, 2001.
(1) If a security interest is enforceable and has priority over the rights of a lien creditor immediately before July 1, 2001, and the applicable requirements for enforceability and perfection under this chapter are satisfied without further action on July 1, 2001, the security interest is a perfected security interest under this chapter.
(2) Except as otherwise provided in 30-9A-705, if a security interest is a perfected security interest under former chapter 9 immediately before July 1, 2001, but the applicable requirements for enforceability or perfection under this chapter are not satisfied on July 1, 2001, the security interest:
(a) is a perfected security interest for 1 year after July 1, 2001;
(b) remains enforceable thereafter only if the security interest becomes enforceable under 30-9A-203 before the year expires; and
(c) remains perfected thereafter only if the applicable requirements for perfection under this chapter are satisfied before the year expires.
History: En. Sec. 162, Ch. 305, L. 1999.
2023 Montana Code Annotated › Title 30. Trade and Commerce › Chapter 9A. Uniform Commercial Code Secured Transactions › Part 7. Transition › 30-9A-704. Security interest unperfected before July 1, 2001

30-9A-704. Security interest unperfected before July 1, 2001.
A security interest that is enforceable immediately before July 1, 2001, but that is subordinate to the rights of a person that becomes a lien creditor at that time:
(1) remains an enforceable security interest for 1 year after July 1, 2001;
(2) remains enforceable thereafter if the security interest becomes enforceable under 30-9A-203 on July 1, 2001, or within 1 year thereafter; and
(3) becomes perfected:
(a) without further action, on July 1, 2001, if the applicable requirements for perfection under this chapter are satisfied before or at that time; or
(b) when the applicable requirements for perfection are satisfied if the requirements are satisfied after that time.
History: En. Sec. 163, Ch. 305, L. 1999.
2023 Montana Code Annotated › Title 30. Trade and Commerce › Chapter 9A. Uniform Commercial Code Secured Transactions › Part 7. Transition › 30-9A-706. When initial financing statement suffices as continuation statement

30-9A-706. When initial financing statement suffices as continuation statement.
(1) The effectiveness of a financing statement filed before July 1, 2001, may be continued by filing in the office specified in 30-9A-501 an initial financing statement complying with the requirements of subsection (2) if:
(a) the filing of a financing statement in that office is effective to perfect a security interest; and
(b) the preeffective-date financing statement was filed in an office in another state or another office in this state.
(2) To be effective for purposes of subsection (1), an initial financing statement must:
(a) satisfy the requirements of Title 30, chapter 9A, part 5, for an initial financing statement;
(b) identify the preeffective-date financing statement by indicating the office in which the financing statement was filed and providing the dates of filing and file numbers, if any, of the financing statement and of the most recent continuation statement filed with respect to the financing statement; and
(c) indicate that the preeffective-date financing statement remains effective.
History: En. Sec. 165, Ch. 305, L. 1999.
2023 Montana Code Annotated › Title 30. Trade and Commerce › Chapter 9A. Uniform Commercial Code Secured Transactions › Part 7. Transition › 30-9A-707. Amendment of preeffective-date financing statement

30-9A-707. Amendment of preeffective-date financing statement.
(1) In this section, "preeffective-date financing statement" means a financing statement filed before July 1, 2001.
(2) After July 1, 2001, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or otherwise amend the information provided in a preeffective-date financing statement only in accordance with the law of the jurisdiction governing perfection as provided in Title 30, chapter 9A, part 3. However, the effectiveness of a preeffective-date financing statement also may be terminated in accordance with the law of the jurisdiction in which the financing statement is filed.
(3) Except as otherwise provided in subsection (4), if the law of this state governs perfection of a security interest, the information in a preeffective-date financing statement may be amended after July 1, 2001, only if:
(a) the preeffective-date financing statement and an amendment are filed in the office specified in 30-9A-501;
(b) an amendment is filed in the office specified in 30-9A-501 concurrently with, or after the filing in that office of, an initial financing statement that satisfies 30-9A-705(3); or
(c) an initial financing statement that provides the information as amended and satisfies 30-9A-705(3), is filed in the office specified in 30-9A-501.
(4) If the law of this state governs perfection of a security interest, the effectiveness of a preeffective-date financing statement may be continued only under 30-9A-705(4) and (5) or 30-9A-706.
(5) Whether or not the law of this state governs perfection of a security interest, the effectiveness of a preeffective-date financing statement filed in this state may be terminated after July 1, 2001, by filing a termination statement in the office in which the preeffective-date financing statement is filed, unless an initial financing statement that satisfies 30-9A-705(3) has been filed in the office specified by the law of the jurisdiction governing perfection as provided in Title 30, chapter 9A, part 3, as the office in which to file a financing statement.
History: En. Sec. 24, Ch. 179, L. 2001.
2023 Montana Code Annotated › Title 30. Trade and Commerce › Chapter 9A. Uniform Commercial Code Secured Transactions › Part 7. Transition › 30-9A-708. Persons entitled to file initial financing statement or continuation of statement

30-9A-708. Persons entitled to file initial financing statement or continuation of statement.
A person may file an initial financing statement or a continuation statement under this part if:
(1) the secured party of record authorizes the filing; and
(2) the filing is necessary under this part:
(a) to continue the effectiveness of a financing statement filed before July 1, 2001; or
(b) to perfect or continue the perfection of a security interest.
History: En. Sec. 166, Ch. 305, L. 1999.
2023 Montana Code Annotated › Title 30. Trade and Commerce › Chapter 9A. Uniform Commercial Code Secured Transactions › Part 7. Transition › 30-9A-709. Priority

30-9A-709. Priority.
(1) Former chapter 9 determines the priority of conflicting claims to collateral if the relative priorities of the parties were fixed before July 1, 2001. In other cases, this chapter determines priority.
(2) For purposes of 30-9A-322(1), the priority of a security interest that becomes a perfected security interest under 30-9A-706 dates from the time the applicable requirements for perfection are satisfied. This subsection does not apply to conflicting security interests each of which becomes a perfected security interest under 30-9A-706.
History: En. Sec. 167, Ch. 305, L. 1999.
2023 Montana Code Annotated › Title 30. Trade and Commerce › Chapter 9A. Uniform Commercial Code Secured Transactions › Part 8. Transition › 30-9A-803. Security interest perfected before effective date

30-9A-803. Security interest perfected before effective date.
(1) A security interest that is a perfected security interest immediately before July 1, 2013, is a perfected security interest under this chapter if, on July 1, 2013, the applicable requirements for attachment and perfection under this chapter are satisfied without further action.
(2) Except as otherwise provided in 30-9A-804, if, immediately before July 1, 2013, a security interest is a perfected security interest, but the applicable requirements for perfection under this chapter are not satisfied on July 1, 2013, the security interest remains perfected thereafter only if the applicable requirements for perfection under this chapter are satisfied within 1 year after July 1, 2013.
History: En. Sec. 19, Ch. 75, L. 2013.
2023 Montana Code Annotated › Title 30. Trade and Commerce › Chapter 9A. Uniform Commercial Code Secured Transactions › Part 8. Transition › 30-9A-804. Security interest unperfected before effective date

30-9A-804. Security interest unperfected before effective date.
A security interest that is an unperfected security interest immediately before July 1, 2013, becomes a perfected security interest:
(1) without further action on July 1, 2013, if the applicable requirements for perfection under this chapter are satisfied before or at that time; or
(2) when the applicable requirements for perfection are satisfied if the requirements are satisfied after that time.
History: En. Sec. 20, Ch. 75, L. 2013.
2023 Montana Code Annotated › Title 30. Trade and Commerce › Chapter 9A. Uniform Commercial Code Secured Transactions › Part 8. Transition › 30-9A-805. Effectiveness of action taken before effective date

30-9A-805. Effectiveness of action taken before effective date.
(1) The filing of a financing statement before July 1, 2013, is effective to perfect a security interest to the extent the filing would satisfy the applicable requirements for perfection under this chapter.
(2) This chapter does not render ineffective an effective financing statement that, before July 1, 2013, is filed and satisfies the applicable requirements for perfection under the law of the jurisdiction governing perfection as provided in former chapter 9A. However, except as otherwise provided in 30-9A-806 and subsections (3) and (4) of this section, the financing statement ceases to be effective:
(a) if the financing statement is filed in this state, at the time the financing statement would have ceased to be effective had Chapter 75, Laws of 2013, not taken effect; or
(b) if the financing statement is filed in another jurisdiction, at the earlier of:
(i) the time the financing statement would have ceased to be effective under the law of that jurisdiction; or
(ii) June 30, 2018.
(3) The filing of a continuation statement after July 1, 2013, does not continue the effectiveness of a financing statement filed before July 1, 2013. However, upon the timely filing of a continuation statement after July 1, 2013, and in accordance with the law of the jurisdiction governing perfection as provided in this chapter, the effectiveness of a financing statement filed in the same office in that jurisdiction before July 1, 2013, continues for the period provided by the law of that jurisdiction.
(4) Subsection (2)(b)(ii) applies to a financing statement that, before July 1, 2013, is filed against a transmitting utility and satisfies the applicable requirements for perfection under the law of the jurisdiction governing perfection as provided in former chapter 9A, only to the extent that this chapter provides that the law of a jurisdiction other than the jurisdiction in which the financing statement is filed governs perfection of a security interest in collateral covered by the financing statement.
(5) A financing statement that includes a financing statement filed before July 1, 2013, and a continuation statement filed after July 1, 2013, is effective only to the extent that it satisfies the requirements of Title 30, chapter 9A, part 5, for an initial financing statement. A financing statement that indicates that the debtor is a decedent's estate indicates that the collateral is being administered by a personal representative within the meaning of 30-9A-503(1)(b). A financing statement that indicates that the debtor is a trust or is a trustee acting with respect to property held in trust indicates that the collateral is held in a trust within the meaning of 30-9A-503(1)(c).
History: En. Sec. 21, Ch. 75, L. 2013.
2023 Montana Code Annotated › Title 30. Trade and Commerce › Chapter 9A. Uniform Commercial Code Secured Transactions › Part 8. Transition › 30-9A-806. When initial financing statement suffices to continue effectiveness of financing statement

30-9A-806. When initial financing statement suffices to continue effectiveness of financing statement.
(1) The filing of an initial financing statement in the office specified in 30-9A-501 continues the effectiveness of a financing statement filed before July 1, 2013, if:
(a) the filing of an initial financing statement in that office would be effective to perfect a security interest under this chapter.
(b) the pre-effective-date financing statement was filed in an office in another state; and
(c) the initial financing statement satisfies subsection (3).
(2) The filing of an initial financing statement under subsection (1) continues the effectiveness of the pre-effective-date financing statement:
(a) if the initial financing statement is filed before July 1, 2013, for the period provided in former 30-9A-515 with respect to an initial financing statement; and
(b) if the initial financing statement is filed after July 1, 2013, for the period provided in 30-9A-515 with respect to an initial financing statement.
(3) To be effective for purposes of subsection (1), an initial financing statement must:
(a) satisfy the requirements of Title 30, chapter 9A, part 5, for an initial financing statement;
(b) identify the pre-effective-date financing statement by indicating the office in which the financing statement was filed and providing the dates of filing and file numbers, if any, of the financing statement and of the most recent continuation statement filed with respect to the financing statement; and
(c) indicate that the pre-effective-date financing statement remains effective.
History: En. Sec. 22, Ch. 75, L. 2013.
2023 Montana Code Annotated › Title 30. Trade and Commerce › Chapter 9A. Uniform Commercial Code Secured Transactions › Part 8. Transition › 30-9A-807. Amendment of pre-effective-date financing statement

30-9A-807. Amendment of pre-effective-date financing statement.
(1) In this section, "pre-effective-date financing statement" means a financing statement filed before July 1, 2013.
(2) After July 1, 2013, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or otherwise amend the information provided in a pre-effective-date financing statement only in accordance with the law of the jurisdiction governing perfection as provided in Title 30, chapter 9A. However, the effectiveness of a pre-effective-date financing statement also may be terminated in accordance with the law of the jurisdiction in which the financing statement is filed.
(3) Except as otherwise provided in subsection (4), if the law of this state governs perfection of a security interest, the information in a pre-effective-date financing statement may be amended after July 1, 2013, only if:
(a) the pre-effective-date financing statement and an amendment are filed in the office specified in section 30-9A-501;
(b) an amendment is filed in the office specified in section 30-9A-501 concurrently with, or after the filing in that office of, an initial financing statement that satisfies 30-9A-806(3); or
(c) an initial financing statement that provides the information as amended and satisfies 30-9A-806(3) is filed in the office specified in 30-9A-501.
(4) If the law of this state governs perfection of a security interest, the effectiveness of a pre-effective-date financing statement may be continued only under 30-9A-805(3) and (5) or 30-9A-806.
(5) Whether or not the law of this state governs perfection of a security interest, the effectiveness of a pre-effective-date financing statement filed in this state may be terminated after July 1, 2013, by filing a termination statement in the office in which the pre-effective-date financing statement is filed unless an initial financing statement that satisfies 30-9A-806(3) has been filed in the office specified by the law of the jurisdiction governing perfection as provided in Title 30, chapter 9A, as the office in which to file a financing statement.
History: En. Sec. 23, Ch. 75, L. 2013.
2023 Montana Code Annotated › Title 30. Trade and Commerce › Chapter 9A. Uniform Commercial Code Secured Transactions › Part 8. Transition › 30-9A-808. Person entitled to file initial financing statement or continuation statement

30-9A-808. Person entitled to file initial financing statement or continuation statement.
A person may file an initial financing statement or a continuation statement under this part if:
(1) the secured party of record authorizes the filing; and
(2) the filing is necessary under this part:
(a) to continue the effectiveness of a financing statement filed before July 1, 2013; or
(b) to perfect or continue the perfection of a security interest.
History: En. Sec. 24, Ch. 75, L. 2013.
2023 Montana Code Annotated › Title 30. Trade and Commerce › Chapter 9A. Uniform Commercial Code Secured Transactions › Part 8. Transition › 30-9A-809. Priority

30-9A-809. Priority.
This chapter determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before July 1, 2013, Title 30, former chapter 9A, determines priority.
History: En. Sec. 25, Ch. 75, L. 2013.
2023 Montana Code Annotated › Title 30. Trade and Commerce › Chapter 10. Securities Regulation › Part 1. General Application › 30-10-101. Short title

30-10-101. Short title.
Parts 1 through 3 of this chapter may be cited as the "Securities Act of Montana".
History: En. Sec. 2, Ch. 251, L. 1961; R.C.M. 1947, 15-2002.