Montana Code 72-6-402. Definitions
72-6-402. Definitions. As used in this part, the following definitions apply:
Terms Used In Montana Code 72-6-402
- 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.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- 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 an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, public corporation, government or governmental subdivision, agency, or instrumentality, or any other legal or commercial entity. See Montana Code 72-6-402
- Property: means an interest in real property located in this state which is transferable on the death of the owner. See Montana Code 72-6-402
- Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
- 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
- Transfer on death deed: means a deed authorized under this part. See Montana Code 72-6-402
(1)”Beneficiary” means a person that receives property under a transfer on death deed.
(2)”Designated beneficiary” means a person designated to receive property in a transfer on death deed.
(3)”Joint owner” means an individual who owns property concurrently with one or more other individuals with a right of survivorship. The term includes a joint tenant. The term does not include a tenant in common.
(4)”Person” means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, public corporation, government or governmental subdivision, agency, or instrumentality, or any other legal or commercial entity.
(5)”Property” means an interest in real property located in this state which is transferable on the death of the owner.
(6)”Transfer on death deed” means a deed authorized under this part.
(7)”Transferor” means an individual who makes a transfer on death deed.