Montana Code 69-14-931. Definitions
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69-14-931. Definitions. As used in 69-14-932 and this section, the following definitions apply:
Terms Used In Montana Code 69-14-931
- Appraisal: A determination of property value.
- 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
- Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
- railroad: means a corporation, company, or individual owning or operating a railroad in whole or in part in this state. See Montana Code 69-14-102
(1)”Fair market value” means:
(a)the price negotiated between the parties under 69-14-932; or
(b)the appraised value as determined by a certified appraisal under 69-14-932.
(2)”Leaseholder” means a person who holds a lease or permit with respect to land adjacent to a railroad right-of-way and who has constructed or owns buildings on the land that have an appraised value of $5,000 or more.
(3)”Right-of-way” means land upon which a railroad has or has had tracks.