Montana Code 35-5-101. Definition of business trust
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35-5-101. Definition of business trust. In this chapter, unless the context otherwise requires, “business trust” means an unincorporated association or trust of the type which at common law was known as a “business trust” or “Massachusetts trust”, created by an instrument under which property is held and managed by trustees for the benefit and profit of such persons as are or may become the holders of transferable certificates evidencing beneficial interests in the trust estate.
Terms Used In Montana Code 35-5-101
- business trust: means an unincorporated association or trust of the type which at common law was known as a "business trust" or "Massachusetts trust" created by an instrument under which property is held and managed by trustees for the benefit and profit of such persons as are or may become the holders of transferable certificates evidencing beneficial interests in the trust estate. See Montana Code 35-5-101
- Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
- Property: means real and personal property. See Montana Code 1-1-205