Montana Code 30-10-903. Definitions
30-10-903. Definitions. As used in this part, unless the context requires otherwise, the following definitions apply:
Terms Used In Montana Code 30-10-903
- 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.
- Inter vivos: Transfer of property from one living person to another living person.
- Living trust: means either an irrevocable or a revocable inter vivos trust. See Montana Code 30-10-903
- 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.
- Sale: includes each contract of sale, contract to sell, or disposition of a living trust for value. See Montana Code 30-10-903
(1)(a) “Living trust” means either an irrevocable or a revocable inter vivos trust.
(b)The term does not include an account with a POD designation, as defined in 72-6-201.
(2)”Offer” or “offer to sell” includes an attempt or offer to dispose of a living trust for value or a solicitation of an offer to buy a living trust for value.
(3)”Person” means an individual, corporation, partnership, association, joint-stock company, or unincorporated organization.
(4)”Sale” includes each contract of sale, contract to sell, or disposition of a living trust for value.