Terms Used In Montana Code > Title 77 > Chapter 1 > Part 9 - Commercial Leasing of State Trust Land

• Amortization: Paying off a loan by regular installments.
• Appraisal: A determination of property value.
• 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}
• Cancellation: means the cessation of a lessee's possessory rights and privileges under a lease due to the lessee's breach of some term of the lease, applicable statutes, or applicable administrative rules. See Montana Code 77-1-902
• Commercial lease: means a contract to use state trust land for a commercial purpose. See Montana Code 77-1-902
• Commercial purpose: means an industrial enterprise, retail sales outlet, business and professional office building, warehouse, motel, hotel, hospitality enterprise, commercial or concentrated recreational use, multifamily residential development, and other similar business. See Montana Code 77-1-902
• Contract: A legal written agreement that becomes binding when signed.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) ^{Source: OCC}
• Fiduciary: A trustee, executor, or administrator.
• 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.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Limited valuation: means estimating the land value of commercial lease land by analyzing comparable land valuations conducted within 2 years of the lease commencement date as provided by real estate appraisers, local tax assessors, local realtors, an evaluation of local market rents, or a combination of those methods. See Montana Code 77-1-902
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
• 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
• 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
• Termination: means the automatic completion or ending of the term of a contract according to its provisions. See Montana Code 77-1-902