Montana Code 15-30-2537. Definitions
15-30-2537. Definitions. As used in 15-30-2536 through 15-30-2547, the following definitions apply:
Terms Used In Montana Code 15-30-2537
- 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.
- 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: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
(1)”Mineral” has the meaning provided in 15-38-103.
(2)”Publicly traded partnership” means a publicly traded partnership, as defined in section 7704 of the Internal Revenue Code, 26 U.S.C. § 7704, that is not treated as a corporation.
(3)”Remitter” means an individual, entity, or trust that makes royalty payments to royalty owners.
(4)”Royalty owner” means a person or entity entitled to receive periodic payments for a nonworking interest in the production of oil or gas or in the severance of other minerals from the mineral estate.