Terms Used In Montana Code 33-25-111

• Abstract: means a written representation, provided pursuant to a contract and expected to be relied upon by the person who has contracted for the receipt of that representation, listing all recorded conveyances, instruments, or documents which, under the laws of this state, impart constructive notice regarding the chain of title to real property described in the abstract. See Montana Code 33-25-105
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Preliminary report: means an offer to issue a title insurance policy subject to any exceptions stated in the report or other matters that may be incorporated by reference therein. See Montana Code 33-25-105
• Property: means real and personal property. See Montana Code 1-1-205
• Title insurance policy: means a contract by which, subject to its stated terms and conditions, a title insurer insures or indemnifies the insured against loss or damage sustained by reason of:

  (a)defects in or liens or encumbrances on the title to the stated property;

  (b)unmarketability of the title to the stated property; or

  (c)invalidity or unenforceability of liens or encumbrances on the stated property. See Montana Code 33-25-105