Montana Code > Title 72 > Chapter 6 > Part 2 – Multiple-Party Accounts


§ 72-6-201	Definitions
§ 72-6-202	Limitation on scope of part
§ 72-6-203	Types of account — existing accounts
§ 72-6-204	Forms
§ 72-6-205	Designation of agent
§ 72-6-206	Applicability of beneficial ownership provisions
§ 72-6-211	Ownership during lifetime
§ 72-6-212	Rights at death
§ 72-6-213	Alteration of rights
§ 72-6-214	Accounts and transfers nontestamentary
§ 72-6-215	Repealed
§ 72-6-216	Community property and tenancy by entireties
§ 72-6-221	Authority of financial institution
§ 72-6-222	Payment on multiple-party account
§ 72-6-223	Payment on POD designation
§ 72-6-224	Payment to designated agent
§ 72-6-225	Payment to minor
§ 72-6-226	Discharge
§ 72-6-227	Setoff
§ 72-6-228	Liability of nonprobate transferees for creditor claims and statutory allowances

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Terms Used In Montana Code > Title 72 > Chapter 6 > Part 2 - Multiple-Party Accounts

Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
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.
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.
Decedent: A deceased person.
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.
Fiduciary: A trustee, executor, or administrator.
Joint tenancy: A form of property ownership in which two or more parties hold an undivided interest in the same property that was conveyed under the same instrument at the same time. A joint tenant can sell his (her) interest but not dispose of it by will. Upon the death of a joint tenant, his (her) undivided interest is distributed among the surviving joint tenants.
Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
Lien: A claim against real or personal property in satisfaction of a debt.
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
Probate: Proving a will
Process: means a writ or summons issued in the course of judicial proceedings. See Montana Code 1-1-202
Property: means real and personal property. See Montana Code 1-1-205
Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
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.
Tenancy in common: A type of property ownership in which two or more individuals have an undivided interest in property. At the death of one tenant in common, his (her) fractional percentage of ownership in the property passes to the decedent
Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
Trustee: A person or institution holding and administering property in trust.
Writing: includes printing. See Montana Code 1-1-203