Terms Used In Montana Code 30-2A-211

• Contract: A legal written agreement that becomes binding when signed.
• Finance lease: means a lease with respect to which:

  (i)the lessor does not select, manufacture, or supply the goods;

  (ii)the lessor acquires the goods or the right to possession and use of the goods in connection with the lease; and

  (iii)one of the following occurs:

  (A)the lessee receives a copy of the contract by which the lessor acquired the goods or the right to possession and use of the goods before signing the lease contract;

  (B)the lessee's approval of the contract by which the lessor acquired the goods or the right to possession and use of the goods is a condition to effectiveness of the lease contract;

  (C)the lessee, before signing the lease contract, receives an accurate and complete statement designating the promises and warranties, and any disclaimers of warranties, limitations or modifications of remedies, or liquidated damages, including those of a third party, such as the manufacturer of the goods, provided to the lessor by the person supplying the goods in connection with or as part of the contract by which the lessor acquired the goods or the right to possession and use of the goods; or

  (D)if the lease is not a consumer lease, the lessor, before the lessee signs the lease contract, informs the lessee in writing:

  (I)of the identity of the person supplying the goods to the lessor, unless the lessee has selected that person and directed the lessor to acquire the goods or the right to possession and use of the goods from that person;

  (II)that the lessee is entitled under this chapter to the promises and warranties, including those of any third party, provided to the lessor by the person supplying the goods in connection with or as part of the contract by which the lessor acquired the goods or the right to possession and use of the goods; and

  (III)that the lessee may communicate with the person supplying the goods to the lessor and receive an accurate and complete statement of those promises and warranties, including any disclaimers and limitations of them or of remedies. See Montana Code 30-2A-103

• Goods: means all things that are movable at the time of identification to the lease contract, or are fixtures (30-2A-309), but the term does not include money, documents, instruments, accounts, chattel paper, general intangibles, or minerals or the like, including oil and gas, before extraction. See Montana Code 30-2A-103
• 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}
• Lease: means a transfer of the right to possession and use of goods for a term in return for consideration, but a sale, including a sale on approval or a sale or return, or retention or creation of a security interest is not a lease. See Montana Code 30-2A-103
• Lease contract: means the total legal obligation that results from the lease agreement as affected by this chapter and any other applicable rules of law. See Montana Code 30-2A-103
• Leasehold interest: means the interest of the lessor or the lessee under a lease contract. See Montana Code 30-2A-103
• Lessee: means a person who acquires the right to possession and use of goods under a lease. See Montana Code 30-2A-103
• Lessor: means a person who transfers the right to possession and use of goods under a lease. See Montana Code 30-2A-103
• 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
• Supplier: means a person from whom a lessor buys or leases goods to be leased under a finance lease. See Montana Code 30-2A-103