Montana Code Annotated
Part 6. Default
30-9A-601. Rights after default -- judicial enforcement -- consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes

30-9A-601. Rights after default -- judicial enforcement -- consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes. (1) After default, a secured party has the rights provided in this part and, except as otherwise provided in 30-9A-602, those provided by agreement of the parties. A secured party:
(a) may reduce a claim to judgment, foreclose, or otherwise enforce the claim, security interest, or agricultural lien by any available judicial procedure; and
(b) if the collateral is documents, may proceed either as to the documents or as to the goods they cover.
(2) A secured party in possession of collateral or control of collateral under 30-7-107, 30-9A-104, 30-9A-105, 30-9A-106, or 30-9A-107 has the rights and duties provided in 30-9A-207.
(3) The rights under subsections (1) and (2) are cumulative and may be exercised simultaneously.
(4) Except as otherwise provided in 30-9A-605 and subsection (7) of this section, after default, a debtor and an obligor have the rights provided in this part and by agreement of the parties.
(5) If a secured party has reduced its claim to judgment, the lien of any levy that may be made upon the collateral by virtue of an execution based upon the judgment relates back to the earliest of:
(a) the date of perfection of the security interest or agricultural lien in the collateral;
(b) the date of filing a financing statement covering the collateral; or
(c) any date specified in a statute under which the agricultural lien was created.
(6) A sale pursuant to an execution is a foreclosure of the security interest or agricultural lien by judicial procedure within the meaning of this section. A secured party may purchase at the sale and thereafter hold the collateral free of any other requirements of this chapter.
(7) Except as otherwise provided in 30-9A-607(3), this part imposes no duties upon a secured party that is a consignor or is a buyer of accounts, chattel paper, payment intangibles, or promissory notes.
History: En. Sec. 98, Ch. 305, L. 1999; Sec. 30-9-601, MCA 1999; redes. 30-9A-601 by Code Commissioner, 2001; amd. Sec. 85, Ch. 575, L. 2005.

Structure Montana Code Annotated

Montana Code Annotated

Title 30. Trade and Commerce

Chapter 9A. Uniform Commercial Code Secured Transactions

Part 6. Default

30-9A-601. Rights after default -- judicial enforcement -- consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes

30-9A-602. Waiver and variance of rights and duties

30-9A-603. Agreement on standards concerning rights and duties

30-9A-604. Procedure if security agreement covers real property or fixtures

30-9A-605. Unknown debtor or secondary obligor

30-9A-606. Time of default for agricultural lien

30-9A-607. Collection and enforcement by secured party

30-9A-608. Application of proceeds of collection or enforcement -- liability for deficiency and right to surplus

30-9A-609. Secured party's right to take possession after default

30-9A-610. Disposition of collateral after default

30-9A-611. Notification before disposition of collateral

30-9A-612. Timeliness of notification before disposition of collateral

30-9A-613. Contents and form of notification before disposition of collateral -- general

30-9A-614. Contents and form of notification before disposition of collateral -- consumer-goods transaction

30-9A-615. Application of proceeds of disposition -- liability for deficiency and right to surplus

30-9A-616. Explanation of calculation of surplus or deficiency

30-9A-617. Rights of transferee of collateral

30-9A-618. Rights and duties of certain secondary obligors

30-9A-619. Transfer of record or legal title

30-9A-620. Acceptance of collateral in full or partial satisfaction -- compulsory disposition of collateral

30-9A-621. Notification of proposal to accept collateral

30-9A-622. Effect of acceptance of collateral

30-9A-623. Right to redeem collateral

30-9A-624. Waiver

30-9A-625. Remedies for secured party's failure to comply with chapter

30-9A-626. Action in which deficiency or surplus is in issue

30-9A-627. Determination of whether conduct was commercially reasonable

30-9A-628. Nonliability and limitation on liability of secured party -- liability of secondary obligor