Montana Code 71-1-303. Definitions
71-1-303. Definitions. As used in this part, unless the context requires otherwise, the following definitions apply:
Terms Used In Montana Code 71-1-303
- 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
- Beneficiary: means the person named or otherwise designated in a trust indenture as the person for whose benefit a trust indenture is given or the person's successor in interest, who may not be the trustee. See Montana Code 71-1-303
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
- Property: means real and personal property. See Montana Code 1-1-205
- 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
- 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
- Title insurance producer: means a person who holds a valid title insurance producer's license and is authorized in writing by a title insurer to:
(i)solicit title insurance business;
(ii)collect rates;
(iii)determine insurability in accordance with underwriting rules and standards of the insurer; or
(iv)issue policies of the title insurer. See Montana Code 71-1-303
- Title insurer: means an insurer formed and authorized under the laws of this state to transact the business of title insurance in this state or a foreign or alien insurer authorized to transact title insurance in this state. See Montana Code 71-1-303
- Trust indenture: means an indenture executed in conformity with this part and conveying real property to a trustee in trust to secure the performance of an obligation of the grantor or other person named in the indenture to a beneficiary. See Montana Code 71-1-303
- Trustee: A person or institution holding and administering property in trust.
- Trustee: means a person to whom the legal title to real property is conveyed by a trust indenture or the person's successor in interest. See Montana Code 71-1-303
- Writing: includes printing. See Montana Code 1-1-203
(1)”Beneficiary” means the person named or otherwise designated in a trust indenture as the person for whose benefit a trust indenture is given or the person’s successor in interest, who may not be the trustee.
(2)”Grantor” means the person conveying real property by a trust indenture as security for the performance of an obligation.
(3)”Servicer” means a person who collects loan payments on behalf of a beneficiary.
(4)(a) “Title insurance producer” means a person who holds a valid title insurance producer‘s license and is authorized in writing by a title insurer to:
(i)solicit title insurance business;
(ii)collect rates;
(iii)determine insurability in accordance with underwriting rules and standards of the insurer; or
(iv)issue policies of the title insurer.
(b)Title insurance producer does not include an approved attorney.
(5)”Title insurer” means an insurer formed and authorized under the laws of this state to transact the business of title insurance in this state or a foreign or alien insurer authorized to transact title insurance in this state.
(6)”Trust indenture” means an indenture executed in conformity with this part and conveying real property to a trustee in trust to secure the performance of an obligation of the grantor or other person named in the indenture to a beneficiary.
(7)”Trustee” means a person to whom the legal title to real property is conveyed by a trust indenture or the person’s successor in interest.