Montana Code 35-18-327. Definitions
35-18-327. Definitions. As used in 35-18-327 through 35-18-333, the following definitions apply:
Terms Used In Montana Code 35-18-327
- Cooperative: means a corporation organized under this chapter or a corporation that becomes subject to the provisions of this chapter. See Montana Code 35-18-102
- Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
- 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.
- 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.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- Trustee: A person or institution holding and administering property in trust.
(1)”Liability” means the obligation to pay a judgment, settlement, penalty, or fine, including an excise tax assessed with respect to an employee benefit plan, or to pay reasonable expenses incurred with respect to a proceeding.
(2)(a) “Official capacity” means the office of trustee or officer in a cooperative.
(b)The term does not include service for any other domestic cooperative or any partnership, joint venture, trust, or other enterprise.
(3)”Party” includes an individual who was, is, or is threatened to be made a named defendant or respondent in a proceeding.
(4)”Proceeding” means any threatened, pending, or completed action, suit, or proceeding, whether civil, criminal, administrative, or investigative and whether formal or informal.
(5)(a) “Trustee or officer” means an individual who is or was a trustee or officer of a cooperative or an individual who, while a trustee or officer of a cooperative, is or was serving at the cooperative’s request as a director, officer, partner, trustee, employee, or agent of another domestic cooperative, partnership, joint venture, trust, or other enterprise.
(b)The term includes, unless the context requires otherwise, the estate or personal representative of a trustee or officer.