Terms Used In Montana Code > Title 2 > Chapter 17 > Part 5 - Information Technology -- Internet Privacy

• Acceptor: means a drawee that has accepted a draft. See Montana Code 30-3-102
• account: means any deposit or credit account with a bank and includes a demand, time, savings, passbook, share draft, or like account, other than an account evidenced by a certificate of deposit;

  (b)"afternoon" means the period of a day between noon and midnight;

  (c)"banking day" means the part of a day on which a bank is open to the public for carrying on substantially all of its banking functions;

  (d)"clearinghouse" means an association of banks or other payors regularly clearing items;

  (e)"customer" means a person having an account with a bank or for whom a bank has agreed to collect items and includes a bank maintaining an account at another bank;

  (f)"documentary draft" means a draft to be presented for acceptance or payment if specified documents, certificated securities (30-8-112) or instructions for uncertificated securities (30-8-112), or other certificates, statements, or the like are to be received by the drawee or other payor before acceptance or payment of the draft;

  (g)"draft" means a draft as defined in 30-3-104 or an item, other than an instrument, that is an order;

  (h)"item" means an instrument or a promise or an order to pay money handled by a bank for collection or payment. See Montana Code 30-4-104

• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
• 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
• Arrest: Taking physical custody of a person by lawful authority.
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• Bailee: means a person that by a warehouse receipt, bill of lading, or other document of title acknowledges possession of goods and contracts to deliver them. See Montana Code 30-7-102
• bank: means any person engaged in the business of banking, including a savings bank, savings and loan association, credit union, or trust company;

  (2)"depositary bank" means the first bank to take an item even though it is also the payor bank, unless the item is presented for immediate payment over the counter;

  (3)"payor bank" means a bank that is the drawee of a draft;

  (4)"intermediary bank" means a bank to which an item is transferred in course of collection except the depositary or payor bank;

  (5)"collecting bank" means a bank handling an item for collection except the payor bank;

  (6)"presenting bank" means a bank presenting an item except a payor bank. See Montana Code 30-4-105

• 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.
• Baseline: Projection of the receipts, outlays, and other budget amounts that would ensue in the future without any change in existing policy. Baseline projections are used to gauge the extent to which proposed legislation, if enacted into law, would alter current spending and revenue levels.
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Buyer: means a person who buys or contracts to buy goods. See Montana Code 30-2-103
• Carrier: means a person that issues a bill of lading. See Montana Code 30-7-102
• Commercial unit: means such a unit of goods as by commercial usage is a single whole for purposes of lease and division of which materially impairs its character or value on the market or in use. See Montana Code 30-2A-103
• Consignee: means the person named in a bill of lading to which or to whose order the bill promises delivery. See Montana Code 30-7-102
• Consignor: means the person named in a bill of lading as the person from which the goods have been received for shipment. See Montana Code 30-7-102
• Consumer lease: means a lease that a lessor regularly engaged in the business of leasing or selling makes to a lessee who is an individual and who takes under the lease primarily for a personal, family, or household purpose if the total payments to be made under the lease contract, excluding payments for options to renew or buy, do not exceed $25,000. See Montana Code 30-2A-103
• Continuance: Putting off of a hearing ot trial until a later time.
• Contract: A legal written agreement that becomes binding when signed.
• Contract for sale: includes both a present sale of goods and a contract to sell goods at a future time. See Montana Code 30-2-106
• 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.
• Customary: means according to usage. See Montana Code 1-1-206
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• Dependent: A person dependent for support upon another.
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Dismissal: The dropping of a case by the judge without further consideration or hearing. ^Source:
• Drawee: means a person ordered in a draft to make payment. See Montana Code 30-3-102
• Drawer: means a person that signs a draft as a person ordering payment. See Montana Code 30-3-102
• Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
• 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}
• 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.
• Executor: A male person named in a will to carry out the decedent
• Fault: means wrongful act, omission, breach, or default. See Montana Code 30-2A-103
• Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. ^{Source: OCC}
• Fiduciary: A trustee, executor, or administrator.
• Finance lease: means a lease with respect to which:

  (i)the lessor does not select, manufacture, or supply the goods;

  (ii)the lessor acquires the goods or the right to possession and use of the goods in connection with the lease; and

  (iii)one of the following occurs:

  (A)the lessee receives a copy of the contract by which the lessor acquired the goods or the right to possession and use of the goods before signing the lease contract;

  (B)the lessee's approval of the contract by which the lessor acquired the goods or the right to possession and use of the goods is a condition to effectiveness of the lease contract;

  (C)the lessee, before signing the lease contract, receives an accurate and complete statement designating the promises and warranties, and any disclaimers of warranties, limitations or modifications of remedies, or liquidated damages, including those of a third party, such as the manufacturer of the goods, provided to the lessor by the person supplying the goods in connection with or as part of the contract by which the lessor acquired the goods or the right to possession and use of the goods; or

  (D)if the lease is not a consumer lease, the lessor, before the lessee signs the lease contract, informs the lessee in writing:

  (I)of the identity of the person supplying the goods to the lessor, unless the lessee has selected that person and directed the lessor to acquire the goods or the right to possession and use of the goods from that person;

  (II)that the lessee is entitled under this chapter to the promises and warranties, including those of any third party, provided to the lessor by the person supplying the goods in connection with or as part of the contract by which the lessor acquired the goods or the right to possession and use of the goods; and

  (III)that the lessee may communicate with the person supplying the goods to the lessor and receive an accurate and complete statement of those promises and warranties, including any disclaimers and limitations of them or of remedies. See Montana Code 30-2A-103

• Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. ^{Source: OCC}
• Fraud: Intentional deception resulting in injury to another.
• Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
• Good faith: means honesty in fact and the observance of reasonable commercial standards of fair dealing. See Montana Code 30-3-102
• Good faith: means honesty in fact and the observance of reasonable commercial standards of fair dealing. See Montana Code 30-7-102
• Goods: means all things that are movable at the time of identification to the lease contract, or are fixtures (30-2A-309), but the term does not include money, documents, instruments, accounts, chattel paper, general intangibles, or minerals or the like, including oil and gas, before extraction. See Montana Code 30-2A-103
• Goods: means all things that are treated as movable for the purposes of a contract for storage or transportation. See Montana Code 30-7-102
• Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. ^{Source: OCC}
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Installment lease contract: means a lease contract that authorizes or requires the delivery of goods in separate lots to be separately accepted, even though the lease contract contains a clause "each delivery is a separate lease" or its equivalent. See Montana Code 30-2A-103
• Issuer: means a bailee that issues a document of title or, in the case of an unaccepted delivery order, the person that orders the possessor of goods to deliver. See Montana Code 30-7-102
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• 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}
• Lease: means a transfer of the right to possession and use of goods for a term in return for consideration, but a sale, including a sale on approval or a sale or return, or retention or creation of a security interest is not a lease. See Montana Code 30-2A-103
• Lease agreement: means the bargain, with respect to the lease, of the lessor and the lessee in fact as found in their language or by implication from other circumstances, including course of dealing or usage of trade or course of performance as provided in this chapter. See Montana Code 30-2A-103
• Lease contract: means the total legal obligation that results from the lease agreement as affected by this chapter and any other applicable rules of law. See Montana Code 30-2A-103
• Leasehold interest: means the interest of the lessor or the lessee under a lease contract. See Montana Code 30-2A-103
• Legal tender: coins, dollar bills, or other currency issued by a government as official money. ^{Source: U.S. Mint}
• Lessee: means a person who acquires the right to possession and use of goods under a lease. See Montana Code 30-2A-103
• Lessor: means a person who transfers the right to possession and use of goods under a lease. See Montana Code 30-2A-103
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Lien: A claim against real or personal property in satisfaction of a debt.
• Lien: means a charge against or interest in goods to secure payment of a debt or performance of an obligation, but the term does not include a security interest. See Montana Code 30-2A-103
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• Lot: means a parcel or a single article that is the subject matter of a separate lease or delivery, whether or not it is sufficient to perform the lease contract. See Montana Code 30-2A-103
• Maker: means a person that signs a note as promisor of payment. See Montana Code 30-3-102
• Merchant lessee: means a lessee that is a merchant with respect to goods of the kind subject to the lease. See Montana Code 30-2A-103
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• 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.
• Order: means a written instruction to pay money signed by the person giving the instruction. See Montana Code 30-3-102
• Oversight: Committee review of the activities of a Federal agency or program.
• 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.
• Party: means party to an instrument. See Montana Code 30-3-102
• Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
• Plaintiff: The person who files the complaint in a civil lawsuit.
• Pleadings: Written statements of the parties in a civil case of their positions. In the federal courts, the principal pleadings are the complaint and the answer.
• Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
• present sale: means a sale which is accomplished by the making of the contract. See Montana Code 30-2-106
• Present value: means the amount as of a date certain of one or more sums payable in the future, discounted to the date certain. See Montana Code 30-2A-103
• Process: means a writ or summons issued in the course of judicial proceedings. See Montana Code 1-1-202
• Promise: means a written undertaking to pay money signed by the person undertaking to pay. See Montana Code 30-3-102
• Property: means real and personal property. See Montana Code 1-1-205
• Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
• Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
• Purchase: includes taking by sale, lease, mortgage, security interest, pledge, gift, or any other voluntary transaction creating an interest in goods. See Montana Code 30-2A-103
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Real property: means lands, tenements, hereditaments, and possessory title to public lands. See Montana Code 1-1-205
• Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Montana Code 30-7-102
• Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. ^{Source: FDIC}
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Remitter: means a person that purchases an instrument from its issuer if the instrument is payable to an identified person other than the purchaser. See Montana Code 30-3-102
• Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• Seller: means a person who sells or contracts to sell goods. See Montana Code 30-2-103
• Service of process: The service of writs or summonses to the appropriate party.
• settle: means to pay in cash, by clearinghouse settlement, in a charge or credit or by remittance, or otherwise as agreed. See Montana Code 30-4-104
• 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.
• Several: means two or more. See Montana Code 1-1-201
• Shipper: means a person that enters into a contract of transportation with a carrier. See Montana Code 30-7-102
• 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
• Statute: A law passed by a legislature.
• Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
• Sublease: means a lease of goods the right to possession and use of which was acquired by the lessor as a lessee under an existing lease. See Montana Code 30-2A-103
• Supplier: means a person from whom a lessor buys or leases goods to be leased under a finance lease. See Montana Code 30-2A-103
• Supply contract: means a contract under which a lessor buys or leases goods to be leased. See Montana Code 30-2A-103
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• Third persons: means all persons who are not parties to the obligation or transaction concerning which the phrase is used. See Montana Code 1-1-206
• Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition.
• Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
• Trustee: A person or institution holding and administering property in trust.
• Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. ^{Source: OCC}
• United States: includes the District of Columbia and the territories. See Montana Code 1-1-201
• Usage: means a reasonable and lawful public custom concerning transactions of the same nature as those which are to be affected thereby, existing at the place where the obligation is to be performed, and either known to the parties or so well established, general, and uniform that the parties must be presumed to have acted with reference thereto. See Montana Code 1-1-206
• Usual: means according to usage. See Montana Code 1-1-206
• Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.
• Vessel: when used in reference to shipping, includes ships of all kinds, steamboats and steamships, canal boats, and every structure adapted to be navigated from place to place. See Montana Code 1-1-207
• Warehouse: means a person engaged in the business of storing goods for hire. See Montana Code 30-7-102
• Writing: includes printing. See Montana Code 1-1-203