32-1-1501. Definitions. For the purposes of this part, the following definitions apply:

Terms Used In Montana Code 32-1-1501

  • Affiliate: has the meaning given in 12 U. See Montana Code 32-1-109
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • bank: as used in this chapter means any corporation that has been incorporated to conduct the business of receiving money on deposit or transacting a trust or investment business, as defined in this chapter. See Montana Code 32-1-102
  • Contract: A legal written agreement that becomes binding when signed.
  • Control: means :

    (a)ownership of, authority over, or power to vote, directly or indirectly, 25% or more of any class of voting security;

    (b)authority in any manner over the election of a majority of directors; or

    (c)power to exercise, directly or indirectly, a controlling influence over management and policies. See Montana Code 32-1-109

  • Department: means the department of administration provided for in Title 2, chapter 15, part 10. See Montana Code 32-1-109
  • Fiduciary: A trustee, executor, or administrator.
  • Fraud: Intentional deception resulting in injury to another.
  • Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
  • Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
  • 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

(1)”Covered agency” means any of the following:

(a)a federal, state, or local law enforcement agency; or

(b)the department of public health and human services as provided in 2-15-2201 or its local affiliate.

(2)”Covered financial institution” means any bank, credit union, savings bank, savings and loan association, or trust company operating in Montana.

(3)”Financial exploitation” means:

(a)the unreasonable use of a vulnerable adult or of a power of attorney, trust, conservatorship, guardianship, or fiduciary relationship with regard to a vulnerable adult in order to obtain control of or to divert to the advantage of another the ownership, use, benefit, or possession of or interest in the vulnerable adult’s money, assets, rights, credit accounts, or property by means of deception, duress, menace, fraud, undue influence, or intimidation with the intent or result of permanently depriving the vulnerable adult of the ownership, use, benefit, or possession of or interest in the vulnerable adult’s money, assets, rights, credit accounts, or property;

(b)an act taken by a person who has the trust and confidence of a vulnerable adult to obtain control of or to divert to the advantage of another the ownership, use, benefit, or possession of or interest in the vulnerable adult’s money, assets, rights, credit accounts, or property by means of deception, duress, menace, fraud, undue influence, or intimidation with the intent or result of permanently depriving the vulnerable adult of the ownership, use, benefit, or possession of or interest in the vulnerable adult’s money, assets, rights, credit accounts, or property; or

(c)the unreasonable use of a vulnerable adult or of a power of attorney, trust, conservatorship, guardianship, or fiduciary relationship with regard to a vulnerable adult done in the course of an offer or sale of insurance or securities in order to obtain control of or to divert to the advantage of another the ownership, use, benefit, or possession of the vulnerable adult’s money, assets, rights, credit accounts, or property by means of deception, duress, menace, fraud, undue influence, or intimidation with the intent or result of permanently depriving the vulnerable adult of the ownership, use, benefit, or possession of the person’s money, assets, rights, credit accounts, or property.

(4)”Transaction” means any of the following as applicable to services provided by a covered financial institution:

(a)a transfer or request to transfer or disburse funds or assets in an account;

(b)a request to initiate a wire transfer, initiate an automated clearinghouse transfer, or issue a money order, cashier’s check, or official check;

(c)a request to negotiate a check or other negotiable instrument;

(d)a request to change the ownership of, or access to, an account;

(e)a request to sell or transfer securities or other assets, or a request to affix a medallion stamp or provide any form of guarantee or endorsement in connection with an attempt to sell or transfer securities or other assets, if the person selling or transferring the securities or assets is not required to register under 30-10-201;

(f)a request for a loan, extension of credit, or draw on a line of credit;

(g)a request to encumber any movable or immovable property; and

(h)a request to designate or change the designation of beneficiaries to receive any property, benefit, or contract right for a vulnerable adult at death.

(5)”Vulnerable adult” has the meaning provided in 52-3-803.