Terms Used In Montana Code > Title 7 > Chapter 4 > Part 23 - Consolidation of County Offices

• Account: means an arrangement under a terms-of-service agreement in which a custodian carries, maintains, processes, receives, or stores a digital asset of the user or provides goods or services to the user. See Montana Code 72-31-402
• Accounting period: means a calendar year unless another 12-month period is selected by a fiduciary. See Montana Code 72-34-422
• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Affidavit: means a sworn written declaration made before an officer authorized to administer oaths or an unsworn written declaration made under penalty of perjury as provided in 1-6-105. See Montana Code 1-1-203
• Agent: means an attorney-in-fact granted authority under a durable or nondurable power of attorney. See Montana Code 72-31-402
• Amortization: Paying off a loan by regular installments.
• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
• 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}
• Carries: means engages in the transmission of an electronic communication. See Montana Code 72-31-402
• Catalogue of electronic communications: means information that identifies each person with which a user has had an electronic communication, the time and date of the communication, and the electronic address of the person. See Montana Code 72-31-402
• Codicil: An addition, change, or supplement to a will executed with the same formalities required for the will itself.
• Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
• Conservator: means a person appointed by a court to manage the estate of a living individual. See Montana Code 72-31-402
• 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.
• Court: means the district court having jurisdiction in matters relating to the content of this part. See Montana Code 72-31-402
• Custodian: means a person that carries, maintains, processes, receives, or stores a digital asset of a user. See Montana Code 72-31-402
• Decedent: A deceased person.
• Designated recipient: means a person chosen by a user using an online tool to administer digital assets of the user. See Montana Code 72-31-402
• Digital asset: means an electronic record in which an individual has a right or interest. See Montana Code 72-31-402
• Donor: The person who makes a gift.
• Electronic: means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities. See Montana Code 72-31-402
• Electronic communication: has the meaning set forth in 18 U. See Montana Code 72-31-402
• Electronic-communication service: means a custodian that provides to a user the ability to send or receive an electronic communication. See Montana Code 72-31-402
• Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
• 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.
• Executor: A male person named in a will to carry out the decedent
• Fiduciary: A trustee, executor, or administrator.
• Fiduciary: means an original, additional, or successor personal representative, conservator, agent, or trustee. See Montana Code 72-31-402
• Fiduciary: means a personal representative or a trustee. See Montana Code 72-34-422
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Income: means money or property that a fiduciary receives as current return from a principal asset. See Montana Code 72-34-422
• Income beneficiary: means a person to whom net income of a trust is or may be payable. See Montana Code 72-34-422
• Income interest: means the right of an income beneficiary to receive all or part of net income, whether the trust requires it to be distributed or authorizes it to be distributed in the trustee's discretion. See Montana Code 72-34-422
• Information: means data, text, images, videos, sounds, codes, computer programs, software, databases, or the like. See Montana Code 72-31-402
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• 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.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Mandatory income interest: means the right of an income beneficiary to receive net income that the trust requires the fiduciary to distribute. See Montana Code 72-34-422
• Marital deduction: The deduction(s) that can be taken in the determination of gift and estate tax liabilities because of the existence of a marriage or marital relationship.
• Net income: means the total receipts allocated to income during an accounting period minus the disbursements made from income during the accounting period, plus or minus transfers under this chapter to or from income during the accounting period. See Montana Code 72-34-422
• 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.
• Online tool: means an electronic service provided by a custodian that allows the user, in an agreement distinct from the terms-of-service agreement between the custodian and user, to provide directions for disclosure or nondisclosure of digital assets to a third person. See Montana Code 72-31-402
• 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: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
• Person: means an individual, estate, business or nonprofit entity, public corporation, government or governmental subdivision, agency, or instrumentality, or other legal entity. See Montana Code 72-31-402
• Personal property: All property that is not real property.
• Personal property: means money, goods, chattels, things in action, and evidences of debt. See Montana Code 1-1-205
• Personal representative: means an executor, administrator, special administrator, or person that performs substantially the same function under law of this state other than this part. See Montana Code 72-31-402
• Power of attorney: means a record that grants an agent authority to act in the place of a principal. See Montana Code 72-31-402
• Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. ^{Source: OCC}
• Principal: means an individual who grants authority to an agent in a power of attorney. See Montana Code 72-31-402
• Property: means real and personal property. See Montana Code 1-1-205
• Protected person: means an individual for whom a conservator has been appointed. See Montana Code 72-31-402
• Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Montana Code 72-31-402
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Remote-computing service: means a custodian that provides to a user computer-processing services or the storage of digital assets by means of an electronic communications system, as defined in 18 U. See Montana Code 72-31-402
• 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.
• Several: means two or more. See Montana Code 1-1-201
• 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
• Terms-of-service agreement: means an agreement that controls the relationship between a user and a custodian. See Montana Code 72-31-402
• Testator: A male person who leaves a will at death.
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• Trustee: A person or institution holding and administering property in trust.
• Trustee: means a fiduciary with legal title to property under an agreement or declaration that creates a beneficial interest in another. See Montana Code 72-31-402
• User: means a person that has an account with a custodian. See Montana Code 72-31-402
• Writing: includes printing. See Montana Code 1-1-203