Terms Used In Montana Code > Title 15 > Chapter 63 - First-Time Home Buyer Savings Account

• account: means an account established with an account administrator in this state pursuant to 15-63-201. See Montana Code 15-63-102
• Account administrator: means :

  (a)a state or federally chartered bank, savings and loan association, credit union, or trust company;

  (b)a certified public accountant licensed to practice in this state pursuant to Title 37, chapter 50; or

  (c)the account holder. See Montana Code 15-63-102

• Account holder: means an individual who is a resident of this state and who establishes, individually or jointly, a first-time home buyer savings account. See Montana Code 15-63-102
• Agency: means an office, position, commission, committee, board, department, council, division, bureau, section, or any other entity or instrumentality of the executive department of state government. See Montana Code 2-8-102
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Contract: A legal written agreement that becomes binding when signed.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Eligible costs: means the downpayment and allowable closing costs for the purchase of a single-family residence in Montana by a first-time home buyer. See Montana Code 15-63-102
• Fiduciary: A trustee, executor, or administrator.
• First-time home buyer: means an individual who has never owned or purchased under contract for deed, either individually or jointly, a single-family residence in Montana or out-of-state. See Montana Code 15-63-102
• Knowingly: means only a knowledge that the facts exist which bring the act or omission within the provisions of this code. See Montana Code 1-1-204
• Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
• Program: means any legislatively or administratively created function, project, or duty of an agency. See Montana Code 2-8-102
• Property: means real and personal property. See Montana Code 1-1-205
• Single-family residence: means an owner-occupied residence in Montana, including a manufactured home, trailer, or mobile home, that is an improvement to real property or a condominium unit that is owned by or that has been purchased under contract for deed by a person, individually or jointly. See Montana Code 15-63-102
• State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
• United States: includes the District of Columbia and the territories. See Montana Code 1-1-201
• Writing: includes printing. See Montana Code 1-1-203