Terms Used In Montana Code > Title 15 > Chapter 7 - Appraisal

• Appraisal: A determination of property value.
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• 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.
• Contemplation of death: The expectation of death that provides the primary motive to make a gift.
• Customary: means according to usage. See Montana Code 1-1-206
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Finance administrator: means the individual responsible for the financial administration of the local government and generally means the county or city treasurer or town clerk unless the alternative form or governing body specifies a different individual. See Montana Code 7-3-122
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• form: means one of the types of local government enumerated in 7-3-102 and the type of government described in 7-3-111. See Montana Code 7-3-122
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Governing body: means the commission or the town meeting legislative body established in the alternative form of a local government under Title 7, chapter 3, parts 1 through 7. See Montana Code 7-3-122
• 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}
• Person: means an individual, corporation, partnership, or other business organization, trust, fiduciary, or agent or any other party presenting a document for recordation. See Montana Code 15-7-303
• Plan of government: has the meaning provided in 7-1-4121. See Montana Code 7-3-122
• Real estate: includes :

  (a)land;

  (b)growing timber;

  (c)buildings, structures, fixtures, fences, and improvements affixed to land. See Montana Code 15-7-303

• Records administrator: means the individual responsible for keeping the public records of the local government and generally means the county, city, or town clerk unless the alternative form or governing body specifies a different individual. See Montana Code 7-3-122
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• Transfer: means an act of the parties or of the law by which the title to real property is conveyed from one person to another. See Montana Code 15-7-303
• Value: means the amount of the full actual consideration for real estate paid or to be paid, including the amount of any lien or liens on the real estate. See Montana Code 15-7-303