Terms Used In Montana Code 32-7-108

• Department: means the department of administration as provided for in Title 2, chapter 15, part 10. See Montana Code 32-7-102
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Escrow: means any transaction in which one person, for the purpose of effecting the sale, transfer, encumbrance, or lease of real or personal property to another person or for the purpose of making payments under any encumbrance of the property, delivers any written instrument, money, evidence, title to real or personal property, or other thing of value to a third person to be held by that third person until the happening of a specified event or the performance of a prescribed condition, when the instrument, money, evidence, title, or thing of value is to be delivered by the third person to a grantee, grantor, promisee, promisor, obligee, obligor, bailee, or bailor or to any agents or employees pursuant to the written escrow instructions. See Montana Code 32-7-102
• Person: means an individual, cooperative, association, company, firm, partnership, corporation, or other legal entity. See Montana Code 32-7-102
• 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