25-9-801. Asset protection -- purpose and perspective. (1) The legislature understands that asset protection includes the ability to minimize or avoid both the potential financial impact and loss of privacy resulting from lawsuits. The legislature also recognizes that asset protection is a vital component of a foreign capital depository, as defined in 32-8-103, that is designed to serve the interests of high net worth individuals who are not U.S. citizens and do not reside in the United States.
     (2) The legislature further acknowledges that foreign judgments rendered in a foreign state are, unlike judgments rendered in other states of the union under the United States constitution, not entitled by Montana courts to conclusive full faith and credit under common law and that the principle of comity that encourages one country to extend legal recognition to the judicial acts of another country does not apply to the relations between Montana and a foreign country.
     (3) The Uniform Foreign Money-Judgments Recognition Act, Title 25, chapter 9, part 6, signifies a departure from comity because it codifies the principles of comity but with certain exceptions and modifications. This part enacts a further departure from comity that is intended to uphold the state's interest in extending to a customer of a foreign capital depository the maximum amount of privacy possible within prudential limits as well as state and federal law.
     (4) This part is not intended to circumscribe or conflict with the provisions of Title 25, chapter 9, part 5 or 6, except in a case in which a foreign judgment has been obtained against the customer of a foreign capital depository.

     History: En. Sec. 47, Ch. 382, L. 1997.