Terms Used In Montana Code > Title 30 > Chapter 3 > Part 3 - Rights of a Holder

• Acceptor: means a drawee that has accepted a draft. See Montana Code 30-3-102
• 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.
• 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.
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• Drawee: means a person ordered in a draft to make payment. See Montana Code 30-3-102
• Drawer: means a person that signs a draft as a person ordering payment. See Montana Code 30-3-102
• Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
• 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.
• Fiduciary: A trustee, executor, or administrator.
• Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. ^{Source: OCC}
• Good faith: means honesty in fact and the observance of reasonable commercial standards of fair dealing. See Montana Code 30-3-102
• Lien: A claim against real or personal property in satisfaction of a debt.
• Maker: means a person that signs a note as promisor of payment. See Montana Code 30-3-102
• 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.
• 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.
• Party: means party to an instrument. See Montana Code 30-3-102
• Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
• Plaintiff: The person who files the complaint in a civil lawsuit.
• Pleadings: Written statements of the parties in a civil case of their positions. In the federal courts, the principal pleadings are the complaint and the answer.
• Process: means a writ or summons issued in the course of judicial proceedings. See Montana Code 1-1-202
• Promise: means a written undertaking to pay money signed by the person undertaking to pay. See Montana Code 30-3-102
• Property: means real and personal property. See Montana Code 1-1-205
• Remitter: means a person that purchases an instrument from its issuer if the instrument is payable to an identified person other than the purchaser. See Montana Code 30-3-102
• Service of process: The service of writs or summonses to the appropriate party.
• Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
• Trustee: A person or institution holding and administering property in trust.
• 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