Terms Used In Montana Code > Title 32 > Chapter 1 > Part 1 - General Provisions -- Definitions

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• bank: as used in this chapter means any corporation that has been incorporated to conduct the business of receiving money on deposit or transacting a trust or investment business, as defined in this chapter. See Montana Code 32-1-102
• Bank holding company: means a bank holding company or a financial holding company registered under the federal Bank Holding Company Act of 1956, as amended, regardless of where the entity is located or has its headquarters. See Montana Code 32-1-109
• Bequest: Property gifted by will.
• Branch: means :

  (a)in the case of a bank, a banking house, other than the main banking house, maintained and operated by a bank doing business in the state and at which deposits are received, checks are paid, or money is lent. See Montana Code 32-1-109

• Control: means :

  (a)ownership of, authority over, or power to vote, directly or indirectly, 25% or more of any class of voting security;

  (b)authority in any manner over the election of a majority of directors; or

  (c)power to exercise, directly or indirectly, a controlling influence over management and policies. See Montana Code 32-1-109

• 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.
• Department: means the department of administration provided for in Title 2, chapter 15, part 10. See Montana Code 32-1-109
• Depository institution: means a bank or savings association organized under the laws of a state or the United States. See Montana Code 32-1-109
• Devise: To gift property by will.
• Division: means the division of banking and financial institutions of the department. See Montana Code 32-1-109
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• 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
• Fiduciary: A trustee, executor, or administrator.
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• Headquarters: means the state in which the activities of a bank holding company or a company controlling the bank holding company are principally conducted within the meaning of the federal Bank Holding Company Act of 1956, as amended. See Montana Code 32-1-109
• Knowingly: means only a knowledge that the facts exist which bring the act or omission within the provisions of this code. See Montana Code 1-1-204
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Loan production office: means a staffed facility, other than a branch, that provides lending-related services to the public, including loan information and applications. See Montana Code 32-1-109
• Located in this state: means :

  (a)in the case of a bank, that the bank is either organized under the laws of this state or is a federally chartered bank whose organizational certificate identifies an address in this state as the principal place at which the business of the federally chartered bank is conducted; and

  (b)in the case of a bank holding company, that the entity, partnership, or trust is organized under the laws of this state. See Montana Code 32-1-109

• Main banking house: means the designated principal place of business of a bank. See Montana Code 32-1-109
• National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. ^{Source: OCC}
• Net earnings: means the excess of the gross earnings of a bank over expenses and losses chargeable against those earnings during any 1 year. See Montana Code 32-1-109
• 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: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
• profit and loss: means that account carried on the books of the bank into which all earnings accounts and recoveries are closed, thus exhibiting "gross earnings" and against which all loss and other disbursement items are charged, revealing "net earnings" which are then properly closed to "undivided profits accounts" or "undivided profits" out of which dividends are paid and reserves set aside. See Montana Code 32-1-109
• Property: means real and personal property. See Montana Code 1-1-205
• Savings association: means a savings association or savings bank organized under the laws of the United States or a building and loan association, savings and loan association, or similar entity organized under the laws of a state. See Montana Code 32-1-109
• 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
• Surplus: means a fund paid in or created under this chapter by a bank from its net earnings or undivided profits that, when set apart and designated as surplus, is not available for the payment of dividends and cannot be used for the payment of expenses or losses so long as the bank has undivided profits. See Montana Code 32-1-109
• Trustee: A person or institution holding and administering property in trust.
• Undivided profits: means the credit balance of the profit and loss account of a bank. See Montana Code 32-1-109
• United States: includes the District of Columbia and the territories. See Montana Code 1-1-201
• Willfully: when applied to the intent with which an act is done or omitted, means a purpose or willingness to commit the act or make the omission referred to. See Montana Code 1-1-204