Terms Used In Montana Code > Title 30 > Chapter 11 > Part 8 - Termination, Cancellation, Nonrenewal, or Substantial Alteration of Farm Implements Dealership Agreements

• Appraisal: A determination of property value.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• Community of interest: means a continuing financial interest that the grantor and grantee have in common. See Montana Code 30-11-801
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• 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.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Dealer: means a person who is a grantee of a farm implements dealership situated in this state. See Montana Code 30-11-801
• Dealership: means a contract or agreement, expressed or implied, whether oral or written, including a franchise as defined in 61-4-201, by which a person is granted the right to sell or distribute farm implements, in which there is a community of interest in the business of offering, selling, or distributing farm implements. See Montana Code 30-11-801
• Department: means the department of labor and industry established in 2-15-1701. See Montana Code 30-11-801
• Designated family member: means the spouse, child, grandchild, parent, brother, or sister of a dealer. See Montana Code 30-11-801
• Designated successor: means a person designated in writing by the retiring dealer to succeed the retiring dealer in the dealership or, in the case of an incapacitated dealer, a person appointed by a court as the legal representative of the dealer's property or the appointed and qualified personal representative and the testamentary trustee of a deceased dealer. See Montana Code 30-11-801
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Good cause: when used in Montana Code 30-11-801
• Grantor: The person who establishes a trust and places property into it.
• Grantor: means a person who grants a dealership. See Montana Code 30-11-801
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• 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.
• 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, partnership, association, corporation, or other entity. See Montana Code 30-11-801
• Property: means real and personal property. 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
• Trustee: A person or institution holding and administering property in trust.
• Writing: includes printing. See Montana Code 1-1-203