Terms Used In Montana Code > Title 72 > Chapter 26 - Uniform Transfers to Minors Act

• Adult: means an individual who has attained the age of 21 years. See Montana Code 72-26-502
• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• 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}
• Broker: means a person lawfully engaged in the business of effecting transactions in securities or commodities for the person's own account or for the account of others. See Montana Code 72-26-502
• Conservator: means a person appointed or qualified by a court to act as general, limited, or temporary guardian of a minor's property or a person legally authorized to perform substantially the same functions. See Montana Code 72-26-502
• Continuance: Putting off of a hearing ot trial until a later time.
• 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.
• Court: means district court. See Montana Code 72-26-502
• Custodial property: means :

  (a)any interest in property transferred to a custodian under this chapter; and

  (b)the income from and proceeds of that interest in property. See Montana Code 72-26-502

• Custodian: means a person so designated under 72-26-603 or a successor or substitute custodian designated under 72-26-801. See Montana Code 72-26-502
• Decedent: A deceased person.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Executor: A male person named in a will to carry out the decedent
• Fiduciary: A trustee, executor, or administrator.
• Financial institution: means a bank, trust company, savings institution, or credit union chartered and supervised under state or federal law. See Montana Code 72-26-502
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• 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.
• 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.
• Legal representative: means an individual's personal representative or conservator. See Montana Code 72-26-502
• Minor: means an individual who has not attained the age of 21 years. See Montana Code 72-26-502
• 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: means an individual, corporation, organization, or other legal entity. See Montana Code 72-26-502
• Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
• Personal representative: means an executor, administrator, successor personal representative, or special administrator of a decedent's estate or a person legally authorized to perform substantially the same functions. See Montana Code 72-26-502
• Property: means real and personal property. See Montana Code 1-1-205
• State: includes any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and any territory or possession subject to the legislative authority of the United States. See Montana Code 72-26-502
• 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
• Statute: A law passed by a legislature.
• Subscribing witness: means a person who sees a writing executed or hears it acknowledged and at the request of the party signs the person's name as a witness. See Montana Code 1-1-203
• Testator: A male person who leaves a will at death.
• Third persons: means all persons who are not parties to the obligation or transaction concerning which the phrase is used. See Montana Code 1-1-206
• Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
• Transfer: means a transaction that creates custodial property under 72-26-603. See Montana Code 72-26-502
• Transferor: means a person who makes a transfer under this chapter. See Montana Code 72-26-502
• Trust company: means a financial institution, corporation, or other legal entity authorized to exercise general trust powers. See Montana Code 72-26-502
• 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
• Writing: includes printing. See Montana Code 1-1-203