Terms Used In Montana Code > Title 30 > Chapter 11 - Sales

• Appraisal: A determination of property value.
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Arrest: Taking physical custody of a person by lawful authority.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• 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.
• Building: has the meaning given in 18-2-101. See Montana Code 2-17-1202
• Community of interest: means a continuing financial interest that the grantor and grantee have in common. See Montana Code 30-11-801
• Community of interest: means a continuing financial interest that the grantor and grantee have in common. See Montana Code 30-11-901
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Construction equipment: means any vehicle, machine, or attachment designed or adapted and used in construction, heavy construction, highway construction, and remodeling work. See Montana Code 30-11-901
• Contract: A legal written agreement that becomes binding when signed.
• Conviction: A judgement of guilt against a criminal defendant.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Current net price: means :

  (a)with respect to a dealership contract, the price listed in the wholesaler's, manufacturer's, or distributor's price list or catalog in effect at the time a dealership contract is discontinued or, if none is then in effect, the last available price so listed; and

  (b)with respect to a distribution contract, the price listed in the manufacturer's or distributor's price list or catalog in effect at the time a distribution contract is discontinued or, if none is then in effect, the last available price so listed. See Montana Code 30-11-701

• Customary: means according to usage. See Montana Code 1-1-206
• Dealer: means a person who is a grantee of a farm implements dealership situated in this state. See Montana Code 30-11-801
• Dealer: means a person who is a grantee of a construction equipment dealership situated in this state. See Montana Code 30-11-901
• Dealership: means a contract or agreement, expressed or implied, whether oral or written, including a franchise as defined in 61-4-201, by which a person is granted the right to sell or distribute construction equipment, in which there is a community of interest in the business of offering, selling, or distributing construction equipment. See Montana Code 30-11-901
• Dealership: means a contract or agreement, expressed or implied, whether oral or written, including a franchise as defined in 61-4-201, by which a person is granted the right to sell or distribute farm implements, in which there is a community of interest in the business of offering, selling, or distributing farm implements. See Montana Code 30-11-801
• Dealership contract: means a written contract between a retailer and a wholesaler, manufacturer, or distributor in which the retailer becomes a dealer in goods sold by the wholesaler, manufacturer, or distributor, evidenced by a franchise agreement, sales agreement, security agreement, or other similar agreement or arrangement. See Montana Code 30-11-701
• Department: means the department of labor and industry established in 2-15-1701. See Montana Code 30-11-901
• Department: means the department of labor and industry established in 2-15-1701. See Montana Code 30-11-801
• Designated family member: means the spouse, child, grandchild, parent, brother, or sister of a dealer. See Montana Code 30-11-901
• Designated family member: means the spouse, child, grandchild, parent, brother, or sister of a dealer. See Montana Code 30-11-801
• Designated successor: means a person designated in writing by the retiring dealer to succeed in the dealership or, in the case of an incapacitated dealer, a person appointed by a court as the legal representative of the dealer's property or the appointed and qualified personal representative and the testamentary trustee of a deceased dealer. See Montana Code 30-11-901
• Designated successor: means a person designated in writing by the retiring dealer to succeed the retiring dealer in the dealership or, in the case of an incapacitated dealer, a person appointed by a court as the legal representative of the dealer's property or the appointed and qualified personal representative and the testamentary trustee of a deceased dealer. See Montana Code 30-11-801
• Distribution contract: means a written contract between a wholesaler and a manufacturer or distributor in which the wholesaler becomes a dealer in goods sold by the manufacturer or distributor, evidenced by a franchise agreement, sales agreement, security agreement, or other similar agreement or arrangement. See Montana Code 30-11-701
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Ex officio: Literally, by virtue of one's office.
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
• Financial institution: means a bank as defined in 32-1-102 or other regulated lender as defined in 31-1-111(1) and (2). See Montana Code 2-17-1202
• Good cause: when used in Montana Code 30-11-801
• Good cause: when used in 30-11-902, 30-11-903, and 30-11-909, means:

  (i)failure by a dealer to comply substantially with essential and reasonable requirements imposed upon the dealer by the grantor or sought to be imposed by the grantor, which requirements are not discriminatory as compared with requirements imposed on other similarly situated dealers either by the terms of the requirements or in the manner of their enforcement; or

  (ii)bad faith by the dealer in carrying out the terms of the dealership. See Montana Code 30-11-901

• Grantor: means a person who grants a dealership. See Montana Code 30-11-801
• Grantor: The person who establishes a trust and places property into it.
• Grantor: means a person who grants a dealership. See Montana Code 30-11-901
• Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. ^{Source: OCC}
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Inventory: means :

  (a)farm implements, machinery, attachments, and repair parts;

  (b)industrial and construction equipment and repair parts;

  (c)new motor vehicles, trucks, trailers, semitrailers, pole trailers, travel trailers, and repair parts sold by a dealer as defined in 61-1-101;

  (d)motorcycles, motor-driven cycles, recreational vehicles, and quadricycles, as those terms are defined in 61-1-101, and repair parts;

  (e)snowmobiles, as defined in 23-2-601, and repair parts;

  (f)off-highway vehicles, as defined in 23-2-801, and repair parts; and

  (g)vessels, as defined in 23-2-502, detachable motors or engines used to propel vessels, and repair parts. See Montana Code 30-11-701

• 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
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Lien: A claim against real or personal property in satisfaction of a debt.
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• merchandise: shall mean any personal property capable of manual delivery displayed, held, or offered for sale by a merchant. See Montana Code 30-11-301
• merchant: as used in this part shall mean an owner or operator and the agent, consignee, employee, lessee, or officer of an owner or operator of any merchant's premises. See Montana Code 30-11-301
• Minority leader: See Floor Leaders
• Minority leader: means the leader of the minority party, elected by the caucus as provided in 5-2-221. See Montana Code 1-1-208
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Net cost: means :

  (a)with respect to a dealership contract, the price actually paid for an inventory item by the retailer to the wholesaler, manufacturer, or distributor, plus applicable freight costs paid by or charged to the retailer; and

  (b)with respect to a distribution contract, the price actually paid for an inventory item by the wholesaler to a manufacturer or distributor, plus applicable freight costs paid by or charged to the wholesaler. See Montana Code 30-11-701

• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Oversight: Committee review of the activities of a Federal agency or program.
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: means any individual, partnership, association, corporation, or other entity. See Montana Code 30-11-801
• Person: means any individual, partnership, association, corporation, or other entity. See Montana Code 30-11-901
• Personal property: All property that is not real property.
• Personal property: means money, goods, chattels, things in action, and evidences of debt. See Montana Code 1-1-205
• Physical branch: means a physical location of a financial institution that accepts deposits from Montana citizens and businesses. See Montana Code 2-17-1202
• premises: shall mean any establishment or part thereof wherein merchandise is displayed, held, or offered for sale. See Montana Code 30-11-301
• Process: means a writ or summons issued in the course of judicial proceedings. See Montana Code 1-1-202
• Public agency: means a department, commission, council, board, bureau, committee, institution, agency, government corporation, or other entity, instrumentality, or official of the legislative, executive, or judicial branch of this state, including the board of regents and the Montana university system. See Montana Code 2-17-1202
• Public defender: Represent defendants who can't afford an attorney in criminal matters.
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Real property: means lands, tenements, hereditaments, and possessory title to public lands. See Montana Code 1-1-205
• Several: means two or more. See Montana Code 1-1-201
• State building construction loan: means a loan from a financial institution to a public agency to finance construction of one or more buildings of the public agency, obtained pursuant to the terms and conditions of this part. See Montana Code 2-17-1202
• Trustee: A person or institution holding and administering property in trust.
• Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. ^{Source: OCC}
• Usage: means a reasonable and lawful public custom concerning transactions of the same nature as those which are to be affected thereby, existing at the place where the obligation is to be performed, and either known to the parties or so well established, general, and uniform that the parties must be presumed to have acted with reference thereto. See Montana Code 1-1-206
• Wholesaler: means any individual, partnership, association, or corporation engaged in the business of selling inventory, as defined in this section, to retailers. See Montana Code 30-11-701
• Writing: includes printing. See Montana Code 1-1-203