Terms Used In Montana Code > Title 72 > Chapter 6 > Part 4 - Uniform Real Property Transfer on Death Act

• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Beneficiary: means a person that receives property under a transfer on death deed. See 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.
• 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}
• Inter vivos: Transfer of property from one living person to another living person.
• 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
• 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
• Probate: Proving a will
• Process: means a writ or summons issued in the course of judicial proceedings. See Montana Code 1-1-202
• 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
• Transferor: means an individual who makes a transfer on death deed. See Montana Code 72-6-402