Sections
Part 1 Provisions Relating to Effect of Death § 72-6-101 – § 72-6-123
Part 2 Multiple-Party Accounts § 72-6-201 – § 72-6-228
Part 3 Uniform TOD Security Registration Act § 72-6-301 – § 72-6-311
Part 4 Uniform Real Property Transfer on Death Act § 72-6-401 – § 72-6-418
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Terms Used In Montana Code > Title 72 > Chapter 6 - Nonprobate Transfers On Death

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Beneficiary: means a person that receives property under a transfer on death deed. See Montana Code 72-6-402
  • Beneficiary form: means a registration of a security that indicates the present owner of the security and the intention of the owner regarding the person who will become the owner of the security upon the death of the owner. See Montana Code 72-6-301
  • Contract: A legal written agreement that becomes binding when signed.
  • Decedent: A deceased person.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Designated beneficiary: means a person designated to receive property in a transfer on death deed. See Montana Code 72-6-402
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • 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.
  • Inter vivos: Transfer of property from one living person to another living person.
  • Intestate: Dying without leaving a will.
  • Joint owner: means an individual who owns property concurrently with one or more other individuals with a right of survivorship. See Montana Code 72-6-402
  • Joint tenancy: A form of property ownership in which two or more parties hold an undivided interest in the same property that was conveyed under the same instrument at the same time. A joint tenant can sell his (her) interest but not dispose of it by will. Upon the death of a joint tenant, his (her) undivided interest is distributed among the surviving joint tenants.
  • 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.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • 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
  • Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
  • Probate: Proving a will
  • 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
  • Property: means real and personal property. See Montana Code 1-1-205
  • Registering entity: means a person who originates or transfers a security title by registration and includes a broker maintaining security accounts for customers and a transfer agent or other person acting for or as an issuer of securities. See Montana Code 72-6-301
  • Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
  • Security: means a share, participation, or other interest in property, in a business, or in an obligation of an enterprise or other issuer and includes a certificated security, an uncertificated security, and a security account. See Montana Code 72-6-301
  • Security account: means :

    (a)a reinvestment account associated with a security, a securities account with a broker, a cash balance in a brokerage account, cash, cash equivalents, interest, earnings, or dividends earned or declared on a security in an account, a reinvestment account, or a brokerage account, whether or not credited to the account before the owner's death;

    (b)a cash balance or other property held for or due to the owner of a security as a replacement for or product of an account security, whether or not credited to the account before the owner's death; or

    (c)an investment management or custody account with a trust company or trust division of a bank with trust powers, including the securities in the account, a cash balance in the account, and cash, cash equivalents, interest, earnings, or dividends earned or declared on a security in the account, whether or not credited to the account before the owner's death. See Montana Code 72-6-301

  • Several: means two or more. See Montana Code 1-1-201
  • Sole ownership: The type of property ownership in which one individual holds legal title to the property and has full control of it.
  • Statute: A law passed by a legislature.
  • Tenancy in common: A type of property ownership in which two or more individuals have an undivided interest in property. At the death of one tenant in common, his (her) fractional percentage of ownership in the property passes to the decedent
  • Transfer on death deed: means a deed authorized under this part. See Montana Code 72-6-402
  • Transferor: means an individual who makes a transfer on death deed. See Montana Code 72-6-402
  • Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
  • Trustee: A person or institution holding and administering property in trust.