Terms Used In Montana Code > Title 30 > Chapter 3 > Part 1 - Short Title, Form, and Interpretation

• Acceptor: means a drawee that has accepted a draft. See Montana Code 30-3-102
• 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}
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• 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
• 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}
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• Maker: means a person that signs a note as promisor of payment. See Montana Code 30-3-102
• 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
• 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
• Promise: means a written undertaking to pay money signed by the person undertaking to pay. See Montana Code 30-3-102
• Several: means two or more. See Montana Code 1-1-201
• 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
• Trustee: A person or institution holding and administering property in trust.
• 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
• 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.
• Writing: includes printing. See Montana Code 1-1-203