Terms Used In Montana Code > Title 72 > Chapter 26 > Part 7 - Administration by Custodian -- Liability

• Adult: means an individual who has attained the age of 21 years. See Montana Code 72-26-502
• 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}
• Contract: A legal written agreement that becomes binding when signed.
• 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
• 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
• Property: means real and personal property. See Montana Code 1-1-205
• Statute: A law passed by a legislature.
• 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