25-13-712. Property subject to a security interest -- disposition of proceeds, security agreement. (1) When the property taken under 25-13-505 is sold under process, the officer levying the writ must apply the proceeds of the sale as follows:
(a) to the repayment of the sum paid to the secured party, with interest from the date of such payment; and
(b) the balance, if any, in like manner as the proceeds of sales under execution are applied in other cases.
(2) In the event the property is sold under execution, such creditor shall be required to deliver to the debtor the security agreement and any note or other evidence of indebtedness secured thereby obtained from the secured party when the property is sold for the amount of the indebtedness under the security agreement or an amount in excess thereof.
History: En. Sec. 1, Ch. 111, L. 1921; re-en. Sec. 9291, R.C.M. 1921; re-en. Sec. 9291, R.C.M. 1935; amd. Sec. 11-162, Ch. 264, L. 1963; R.C.M. 1947, 93-4338(part).
Structure Montana Code Annotated
Chapter 13. Execution of Judgment
25-13-701. Notice of sale on execution
25-13-702. Penalty for selling without notice or destruction of notice
25-13-703. Postponement of sale
25-13-705. Procedure when purchaser refuses to pay
25-13-706. Rejection of subsequent bids after refusal to pay
25-13-707. Liability of officer after resale
25-13-708. Conveyance of personal property capable of manual delivery
25-13-709. Conveyance of personal property not capable of manual delivery
25-13-710. Real property -- what interest transferred
25-13-711. Real property -- certificate of sale
25-13-712. Property subject to a security interest -- disposition of proceeds, security agreement
25-13-713. Procedure when sale invalidated -- revival of judgment