Terms Used In Montana Code > Title 30 > Chapter 4 > Part 1 - General Provisions and Definitions

• 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

• 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

• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• 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.
• Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
• Process: means a writ or summons issued in the course of judicial proceedings. See Montana Code 1-1-202
• 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.
• 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