17-5-1101. Short title
17-5-1101. Short title. This part may be cited as the “Model Public Obligations Registration Act of Montana”. History: En. Sec. 1, Ch. 364, L. 1983.
17-5-1102. Definitions
17-5-1102. Definitions. As used in this part, the following definitions apply: (1) (a) ”Authorized officer” means, with respect to any certificated public obligation: (i) an individual whose signature to the certificated public obligation is required or permitted; or (ii) an individual who may be permitted by an authorized officer, either alone or with the concurrence of another or others, to […]
17-5-1103. Declarations of state interest — purposes
17-5-1103. Declarations of state interest — purposes. (1) Sections 103 and 103A of the Internal Revenue Code, 26 U.S.C. 103 and 103A, provide that interest with respect to certain obligations may not be exempt from the income tax if they are not in registered form. It is therefore a matter of state concern that public entities […]
17-5-1104. Construction
17-5-1104. Construction. This part must be construed in conjunction with the Uniform Commercial Code and the principles of contract law relative to the registration and transfer of obligations. History: En. Sec. 14, Ch. 364, L. 1983.
17-5-1105. Applicability — election — rescission
17-5-1105. Applicability — election — rescission. (1) Public obligations may be issued as certificated or uncertificated public obligations as provided in this part, notwithstanding provisions of law providing for issuance in other forms. Whenever bonds are issued under this part, the provisions of this part are alternative and supplemental to such other provisions. (2) Nothing in this part […]
17-5-1106. Records — no public inspection — locations
17-5-1106. Records — no public inspection — locations. (1) With regard to the ownership or pledge of public obligations, records are not subject to inspection or copying under any law of this state relating to the right of the public to inspect or copy public records. (2) Registration records of the issuer may be maintained at locations […]
17-5-1107. through 17-5-1110 reserved
17-5-1107 through 17-5-1110 reserved.
17-5-1111. System of registration
17-5-1111. System of registration. (1) Each issuer is authorized to establish and regularly maintain a system of registration with respect to each public obligation that it issues. The system may be either a system pursuant to which only certificated public obligations are issued or a system pursuant to which both certificated and uncertificated public obligations are […]
17-5-1112. Certificated public obligation — execution — authentication
17-5-1112. Certificated public obligation — execution — authentication. (1) A certificated public obligation must be executed by the issuer by: (a) the signing by an authorized officer with the manual signature of such officer; or (b) the signing by such officer with a facsimile signature in lieu of the manual signature of such officer. (2) Each certificated public obligation […]
17-5-1113. Certificated public obligation — signatures
17-5-1113. Certificated public obligation — signatures. (1) No certificated public obligation signed by the authorized officers at the time of the signing is invalid or without binding effect even though before the issuance thereof any or all of such officers have ceased to fill their respective offices. (2) Any authorized officer employed to sign any certificated public […]
17-5-1114. Certificated public obligation — seal
17-5-1114. Certificated public obligation — seal. When a seal is required or permitted in the execution of any certificated public obligation, an authorized officer may cause the seal to be printed, engraved, stamped, or otherwise placed in facsimile thereon. The facsimile seal has the same legal effect as the impression of the seal. History: En. Sec. 7, […]
17-5-1115. Uncertificated public obligation — signed statements
17-5-1115. Uncertificated public obligation — signed statements. The issuer shall provide, with respect to its uncertificated public obligations, for the sending of written statements that provide a record of certain rights as of the time of issuance of the statements. The statements must be sent to each person acquiring rights by registration in uncertificated public obligations, […]
17-5-1116. through 17-5-1120 reserved
17-5-1116 through 17-5-1120 reserved.
17-5-1121. Agents — depositories
17-5-1121. Agents — depositories. (1) An issuer may appoint for a term as may be agreed, including for so long as a public obligation may be outstanding, corporate or other authenticating trustees, transfer agents, registrars, or paying or other agents and specify their rights, compensation, and duties, limit their liabilities, and provide for their payment of […]
17-5-1122. Costs — collection
17-5-1122. Costs — collection. (1) An issuer, prior to or at original issuance, may provide as a part of a system of registration that the transferor or transferee of the public obligations pay all or a designated part of the costs of the system, that costs be paid out of the proceeds of the public obligations, […]
17-5-1123. Deposits for security
17-5-1123. Deposits for security. Whenever under any law of this state a deposit of public obligations is authorized as security, public obligations otherwise meeting the authorized criteria may be deposited and must be accepted as security, provided that: (1) in the case of a certificated public obligation, the instrument is assigned to the holder of the deposit; […]