Montana Code 32-7-102. Definitions
32-7-102. Definitions. As used in this part, unless the context requires otherwise, the following definitions apply:
Terms Used In Montana Code 32-7-102
- 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.
- Department: means the department of administration as provided for in Title 2, chapter 15, part 10. See Montana Code 32-7-102
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Escrow: means any transaction in which one person, for the purpose of effecting the sale, transfer, encumbrance, or lease of real or personal property to another person or for the purpose of making payments under any encumbrance of the property, delivers any written instrument, money, evidence, title to real or personal property, or other thing of value to a third person to be held by that third person until the happening of a specified event or the performance of a prescribed condition, when the instrument, money, evidence, title, or thing of value is to be delivered by the third person to a grantee, grantor, promisee, promisor, obligee, obligor, bailee, or bailor or to any agents or employees pursuant to the written escrow instructions. See Montana Code 32-7-102
- Escrow business: means a commercial activity characterized by the regular and continuous carrying on of escrow transactions. See Montana Code 32-7-102
- 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.
- Grantor: The person who establishes a trust and places property into it.
- 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
- 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: means an individual, cooperative, association, company, firm, partnership, corporation, or other legal entity. See Montana Code 32-7-102
- Personal property: All property that is not real property.
- Personal property: means money, goods, chattels, things in action, and evidences of debt. See Montana Code 1-1-205
- Property: means real and personal property. See Montana Code 1-1-205
(1)”Department” means the department of administration as provided for in Title 2, chapter 15, part 10.
(2)”Escrow” means any transaction in which one person, for the purpose of effecting the sale, transfer, encumbrance, or lease of real or personal property to another person or for the purpose of making payments under any encumbrance of the property, delivers any written instrument, money, evidence, title to real or personal property, or other thing of value to a third person to be held by that third person until the happening of a specified event or the performance of a prescribed condition, when the instrument, money, evidence, title, or thing of value is to be delivered by the third person to a grantee, grantor, promisee, promisor, obligee, obligor, bailee, or bailor or to any agents or employees pursuant to the written escrow instructions.
(3)”Escrow business” means a commercial activity characterized by the regular and continuous carrying on of escrow transactions.
(4)”Licensee” means a person holding a valid license under this part as an escrow business.
(5)”Person” means an individual, cooperative, association, company, firm, partnership, corporation, or other legal entity.