Montana Code 71-3-1602. Definitions
71-3-1602. Definitions. As used in this part, the following definitions apply:
Terms Used In Montana Code 71-3-1602
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Executor: A male person named in a will to carry out the decedent
- First purchaser: means the first person who under contract purchases oil or gas from an interest owner at or after the time the oil or gas is severed. See Montana Code 71-3-1602
- Interest owner: means a person:
(a)who owns an entire or a fractional interest of any kind or nature in the oil or gas at the time it is severed; or
(b)who has a right, either express or implied, to receive a monetary payment determined by the value of the severed oil or gas. See Montana Code 71-3-1602
- Leasehold: means a tenant's leasehold interest, as defined in 30-2A-103, in property on which the oil or gas well is located. See Montana Code 71-3-1602
- Operator: means any person engaged in the severance of oil or gas on the operator's own behalf, on behalf of the operator and other persons, or on behalf of other persons. See Montana Code 71-3-1602
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: means any individual, executor, administrator, agent, trustee, or receiver or an estate, institution, business trust, trust of any other kind, firm, corporation, partnership, cooperative, limited liability company, limited liability partnership, sole proprietorship, government agency, association, or any other group acting as a unit. See Montana Code 71-3-1602
- Property: means real and personal property. See Montana Code 1-1-205
- severance: means the taking, extraction, or production from the leasehold of oil or gas in any manner. See Montana Code 71-3-1602
- Trustee: A person or institution holding and administering property in trust.
(1)”First purchaser” means the first person who under contract purchases oil or gas from an interest owner at or after the time the oil or gas is severed.
(2)”Interest owner” means a person:
(a)who owns an entire or a fractional interest of any kind or nature in the oil or gas at the time it is severed; or
(b)who has a right, either express or implied, to receive a monetary payment determined by the value of the severed oil or gas.
(3)”Leasehold” means a tenant’s leasehold interest, as defined in 30-2A-103, in property on which the oil or gas well is located.
(4)”Operator” means any person engaged in the severance of oil or gas on the operator‘s own behalf, on behalf of the operator and other persons, or on behalf of other persons.
(5)”Person” means any individual, executor, administrator, agent, trustee, or receiver or an estate, institution, business trust, trust of any other kind, firm, corporation, partnership, cooperative, limited liability company, limited liability partnership, sole proprietorship, government agency, association, or any other group acting as a unit.
(6)”Purchaser” means a person who under contract purchases oil or gas from a first purchaser.
(7)”Severed” or “severance” means the taking, extraction, or production from the leasehold of oil or gas in any manner.