Terms Used In Montana Code > Title 33 > Chapter 21 > Part 1 - General Provisions

• 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.
• Credit disability insurance: means insurance on a debtor or joint debtors to provide indemnity for payments becoming due on a specific loan or other credit transaction while the debtor or either of the joint debtors is disabled as defined in the policy. See Montana Code 33-21-103
• Credit life insurance: means insurance on the life of a debtor or the lives of joint debtors pursuant to or in connection with a specific loan or other credit transaction. See Montana Code 33-21-103
• Credit transaction: means a transaction by the terms of which, at a future date:

  (a)repayment of money loaned is made;

  (b)a loan commitment is made; or

  (c)payment for goods, services, or property sold or leased is made. See Montana Code 33-21-103

• Creditor: means :

  (a)a lender of money or vendor or lessor of goods, services, property, rights, or privileges, for which payment is arranged through a credit transaction;

  (b)any successor to the right, title, or interest of a lender, vendor, or lessor;

  (c)an affiliate, associate, or subsidiary of a lender, vendor, or lessor;

  (d)a director, officer, or employee of a lender, vendor, or lessor; or

  (e)any other person in any way associated with a lender, vendor, or lessor. See Montana Code 33-21-103

• Debtor: means a borrower of money or a purchaser or lessee of goods, services, property, rights, or privileges for which payment is arranged through a credit transaction. See Montana Code 33-21-103
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. ^{Source: OCC}
• Indebtedness: means the total amount payable by a debtor to a creditor in connection with a loan or other credit transaction. See Montana Code 33-21-103
• 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.
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• 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
• Property: means real and personal property. See Montana Code 1-1-205
• 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