Montana § 30-9A-208 Additional Duties Of Secured Party Having Control Of Collateral

Montana Statutes

§ 30-9A-208 — Additional Duties Of Secured Party Having Control Of Collateral

Montana·Title 30 TRADE AND COMMERCE·Ch. 9A UNIFORM COMMERCIAL CODE SECURED TRANSACTIONS·Part 2 Effectiveness of Security Agreement -- Attachment of Security Interest -- Rights of Parties to Security Agreement

30-9A-208 . Additional duties of secured party having control of collateral.

(1)This section applies if:

(a)there is no outstanding secured obligation; and

(b)the secured party is not committed to make advances, incur obligations, or otherwise give value.

(2)Within 10 days after receiving a signed demand by the debtor:

(a)a secured party having control of a deposit account under 30-9A-104 (1)(b) shall send to the bank with which the deposit account is maintained a signed record that releases the bank from any further obligation to comply with instructions originated by the secured party;

(b)a secured party having control of a deposit account under 30-9A-104 (1)(c) shall:

(i)pay the debtor the balance on deposit in the deposit account; or

(ii)transfer the balance on deposit into a d

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30-9A-208 . Additional duties of secured party having control of collateral. (1) This section applies if:
(a) there is no outstanding secured obligation; and
(b) the secured party is not committed to make advances, incur obligations, or otherwise give value.
(2) Within 10 days after receiving a signed demand by the debtor:
(a) a secured party having control of a deposit account under 30-9A-104 (1)(b) shall send to the bank with which the deposit account is maintained a signed record that releases the bank from any further obligation to comply with instructions originated by the secured party;
(b) a secured party having control of a deposit account under 30-9A-104 (1)(c) shall:
(i) pay the debtor the balance on deposit in the deposit account; or
(ii) transfer the balance on deposit into a deposit account in the debtor's name;
(c) a secured party, other than a buyer, having control under 30-9A-105 of an authoritative electronic copy of a record evidencing chattel paper shall transfer control of the electronic copy to the debtor or a person designated by the debtor;
(d) a secured party having control of investment property under 30-8-116 (4)(b) or 30-9A-106 (2) shall send to the securities intermediary or commodity intermediary with which the security entitlement or commodity contract is maintained a signed record that releases the securities intermediary or commodity intermediary from any further obligation to comply with entitlement orders or directions originated by the secured party;
(e) a secured party having control of a letter-of-credit right under 30-9A-107 shall send to each person having an unfulfilled obligation to pay or deliver proceeds of the letter of credit to the secured party a signed release from any further obligation to pay or deliver proceeds of the letter of credit to the secured party;
(f) a secured party having control under 30-7-107 of an authoritative electronic copy of an electronic document of title shall transfer control of the electronic copy to the debtor or a person designated by the debtor; and
(g) a secured party having control under 30-12A-105 of a controllable electronic record, other than a buyer of a controllable account or controllable payment intangible evidenced by the controllable electronic record, shall transfer control of the controllable electronic record to the debtor or a person designated by the debtor.

Montana § 30-9A-208 (Additional Duties Of Secured Party Having Control Of Collateral) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

En. Sec. 17, Ch. 305, L. 1999; Sec. 30-9-218, MCA 1999; redes. 30-9A-208 by Code Commissioner, 2001; amd. Sec. 77, Ch. 575, L. 2005; amd. Sec. 53, Ch. 200, L. 2025.