Montana Code 28-1-101. Definitions
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28-1-101. Definitions. (1) An obligation is a legal duty by which a person is bound to do or not to do a certain thing.
Terms Used In Montana Code 28-1-101
- 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.
- Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
(2)Performance of an obligation for the delivery of money only is called payment.