§ 33-25-201 Escrow, closing, or settlement services — title indemnification — maintenance of accounts — maintenance of nominal or short-term accounts — rules
§ 33-25-202 Sharing of rate proceeds
§ 33-25-211 Guaranty fund — investments
§ 33-25-212 Rates filed with commissioner
§ 33-25-213 Limitations on authority
§ 33-25-214 Underwriting standards — record retention
§ 33-25-215 Report of claims
§ 33-25-216 Notice of issuance of mortgagee policy

Terms Used In Montana Code > Title 33 > Chapter 25 > Part 2 - Powers and Duties of Title Insurers

  • 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
  • Approved attorney: means an attorney authorized to practice law in this state, except an agent or employee of a title insurer, whose certification as to the status of the title to real property a title insurer is willing to accept as the basis for issuance of a title insurance policy. See Montana Code 33-25-105
  • 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.
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Fiduciary: A trustee, executor, or administrator.
  • Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
  • Knowingly: means only a knowledge that the facts exist which bring the act or omission within the provisions of this code. See Montana Code 1-1-204
  • Mortgagee: The person to whom property is mortgaged and who has loaned the money.
  • Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
  • Process: means a writ or summons issued in the course of judicial proceedings. See Montana Code 1-1-202
  • producer: means a person, corporation, partnership, or other business entity, including an officer, director, or owner of 5% or more of the equity or capital thereof, engaged in this state in the trade, business, occupation, or profession of:

    (a)buying or selling interests in real property;

    (b)making loans secured by interests in real property; or

    (c)acting as broker, insurance producer, or representative of a person described in subsection (8)(a) or (8)(b). See Montana Code 33-25-105

  • Property: means real and personal property. See Montana Code 1-1-205
  • Rate: means fees for:

    (a)issuing a title insurance policy, including any service charge or fee for the issuance;

    (b)abstracting, searching, and examining title to real property when prepared or issued in contemplation of or in conjunction with the issuance of a title insurance policy; and

    (c)preparing or issuing preliminary reports, commitments, binders, or similar products prepared or issued in contemplation of or in conjunction with the issuance of a title insurance policy. See Montana Code 33-25-105

  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • 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 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

  • 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 33-25-105

  • 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 so authorized. See Montana Code 33-25-105
  • Title plant: means a set of privately maintained records in which entries have been made of documents imparting constructive notice, under the law, of matters affecting title to real property, an interest therein, or an encumbrance thereon, that have been filed or recorded in the jurisdiction for which the title plant is maintained and from which the ownership of real property within the jurisdiction can be ascertained and liens, encumbrances, defects, and clouds on title to the real property can be determined. See Montana Code 33-25-105
  • Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
  • Writing: includes printing. See Montana Code 1-1-203