Montana Code 35-10-102. Definitions
35-10-102. Definitions. In this chapter, the following definitions apply:
Terms Used In Montana Code 35-10-102
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- 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.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- 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
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- 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
- Property: means real and personal property. See Montana Code 1-1-205
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
- Statute: A law passed by a legislature.
- United States: includes the District of Columbia and the territories. See Montana Code 1-1-201
(1)”Business” includes every trade, occupation, or profession.
(2)”Debtor in bankruptcy” means a person who is the subject of:
(a)an order for relief under Title 11 of the United States Code or a comparable order under a successor statute of general application; or
(b)a comparable order under state law governing insolvency.
(3)”Distribution” means a transfer of money or other property from a partnership to a partner in the partner’s capacity as a partner or to the partner’s transferee.
(4)”Limited liability partnership” means a partnership registered under 35-10-701 and includes both domestic and foreign limited liability partnerships.
(5)(a) “Partnership” means an association of two or more persons to carry on as co-owners a business for profit formed under 35-10-202, a predecessor law, or a comparable law of another jurisdiction.
(b)The term includes but is not limited to a limited liability partnership for all purposes of the laws of this state and all licensing laws, whether for professionals or otherwise.
(6)”Partnership agreement” means an agreement, written or oral, among the partners concerning the partnership.
(7)”Partnership at will” means a partnership in which the partners have not agreed to remain partners until the expiration of a definite term or the completion of a particular undertaking.
(8)”Person” means:
(a)an individual;
(b)a corporation;
(c)a business trust;
(d)an estate;
(e)a trust;
(f)a partnership;
(g)an association;
(h)a joint venture;
(i)a government;
(j)a governmental subdivision, agency, or instrumentality; or
(k)any other legal or commercial entity.
(9)”Property” means all property, real, personal, or mixed, tangible or intangible, or any interest therein.
(10)”State” means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, or any territory or insular possession subject to the jurisdiction of the United States.
(11)”Statement” means a statement of partnership authority under 35-10-310, a statement of denial under 35-10-311, a statement of dissociation under 35-10-622, a statement of dissolution under 35-10-627, a statement of merger under 35-10-643, an application for registration of assumed business name or a renewal of registration, or an amendment, cancellation, or withdrawal of the foregoing.
(12)”Transfer” includes an assignment, conveyance, lease, mortgage, deed, and encumbrance.