71-3-1604. Validity of lien — transferability
71-3-1604. Validity of lien — transferability. (1) The security interest and lien granted to an interest owner under this part are not dependent on the interest owner’s or operator’s possession of the severed oil or gas. (2) A change or transfer of the actual or constructive possession of or title to the severed oil or gas from […]
71-3-1605. Perfection of lien — verified notice — effect of instruments — effective date
71-3-1605. Perfection of lien — verified notice — effect of instruments — effective date. (1) An interest owner who does not receive proceeds or payment for severed oil or gas when the proceeds are due may perfect the security interest and lien claimed under 71-3-1603 by filing a notice, as provided in subsection (2), in the […]
71-3-1606. Rights of first purchasers
71-3-1606. Rights of first purchasers. (1) The following are not affected by the provisions of this part or the filing of any instrument permitted under this part: (a) transfer of the legal title to oil or gas from an interest owner or operator to a first purchaser; (b) ownership of oil or gas before the oil or gas […]
71-3-1607. Expiration of lien — enforcement — consolidation — costs — personal actions — other rights and remedies
71-3-1607. Expiration of lien — enforcement — consolidation — costs — personal actions — other rights and remedies. (1) A security interest and lien claimed by an interest owner under 71-3-1603 and perfected under 71-3-1605 are attached to oil or gas that has not been paid for or to the proceeds of oil or gas if […]
71-3-1601. Short title
71-3-1601. Short title. This part may be cited as the “Montana Oil and Gas Owners’ Lien Act”. History: En. Sec. 1, Ch. 367, L. 2009.
71-3-1602. Definitions
71-3-1602. Definitions. As used in this part, the following definitions apply: (1) ”First purchaser” means the first person who under contract purchases oil or gas from an interest owner at or after the time the oil or gas is severed. (2) ”Interest owner” means a person: (a) who owns an entire or a fractional interest of any kind or […]
71-3-1603. Extent of lien — dispute resolution — notice — buyer in ordinary course of business
71-3-1603. Extent of lien — dispute resolution — notice — buyer in ordinary course of business. (1) To secure payment from the sale of oil or gas, an interest owner, subject to 71-3-1606(2) and subsection (4) of this section, has a continuing security interest in and the right to a lien upon the severed oil or […]