Terms Used In Montana Code > Title 35 > Chapter 20 - Cemetery Associations

• 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.
• Ex officio: Literally, by virtue of one's office.
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Grantor: The person who establishes a trust and places property into it.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Process: means a writ or summons issued in the course of judicial proceedings. See Montana Code 1-1-202
• Quorum: The number of legislators that must be present to do business.
• Sex: means the organization of the body parts and gametes for reproduction in human beings and other organisms. See Montana Code 1-1-201
• Trustee: A person or institution holding and administering property in trust.
• United States: includes the District of Columbia and the territories. See Montana Code 1-1-201