Terms Used In Montana Code > Title 15 > Chapter 7 > Part 3 - Realty Transfer Act

• 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.
• Contemplation of death: The expectation of death that provides the primary motive to make a gift.
• Contract: A legal written agreement that becomes binding when signed.
• 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.
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Fiduciary: A trustee, executor, or administrator.
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Grantor: The person who establishes a trust and places property into it.
• Lien: A claim against real or personal property in satisfaction of a debt.
• 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: 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
• Property: means real and personal property. See Montana Code 1-1-205
• Real estate: includes :

  (a)land;

  (b)growing timber;

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

• 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
• 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
• United States: includes the District of Columbia and the territories. See Montana Code 1-1-201
• 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