Sections
Part 1 General Provisions § 70-23-101 – § 70-23-103
Part 3 Creation — Declaration and Bylaws § 70-23-301 – § 70-23-309
Part 4 Nature of the Ownership Interest § 70-23-401 – § 70-23-405
Part 5 Rights and Duties Incidental to Unit Ownership § 70-23-501 – § 70-23-507
Part 6 Conveyances, Liens, and Common Expenses § 70-23-601 – § 70-23-613
Part 8 Removal of Property From Unit Ownership Act § 70-23-801 – § 70-23-806
Part 9 Actions and Process § 70-23-901 – § 70-23-902
Part 11 Conversion of Condominium to Townhouse § 70-23-1101 – § 70-23-1105
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Terms Used In Montana Code > Title 70 > Chapter 23 - Unit Ownership Act -- Condominiums

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • 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
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • 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.
  • 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.
  • Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Grantor: The person who establishes a trust and places property into it.
  • Inter vivos: Transfer of property from one living person to another living person.
  • 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.
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgagee: The person to whom property is mortgaged and who has loaned the money.
  • Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
  • Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
  • Plaintiff: The person who files the complaint in a civil lawsuit.
  • Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents.
  • 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.
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Real property: means lands, tenements, hereditaments, and possessory title to public lands. See Montana Code 1-1-205
  • Service of process: The service of writs or summonses to the appropriate party.
  • Several: means two or more. See Montana Code 1-1-201
  • Trustee: A person or institution holding and administering property in trust.