Terms Used In Montana Code > Title 90 > Chapter 4 > Part 13 - Commercial Property-Assessed Capital Enhancements Act

• Authority: means the Montana facility finance authority created in 2-15-1815. See Montana Code 90-4-1302
• 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}
• 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.
• District: means a district that is established under this part by a local government and that lies within the local government's jurisdictional boundaries. See Montana Code 90-4-1302
• Energy conservation measure: means a permanent cost-effective energy improvement fixed to real property, including new construction, and intended to decrease energy or water consumption and demand, including a product, device, or interacting group of products or devices on the customer's side of the meter that uses energy technology to generate electricity, provide thermal energy, or regulate temperature. See Montana Code 90-4-1302
• Energy conservation project: means the installation or modification of an energy conservation measure or the acquisition, installation, or improvement of a renewable energy system. See Montana Code 90-4-1302
• Governing body: means the legislative authority of a local government. See Montana Code 90-4-1302
• 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}
• Lien: A claim against real or personal property in satisfaction of a debt.
• Local government: means a county, city, town, or a consolidated city-county. See Montana Code 90-4-1302
• 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, firm, partnership, association, corporation, unincorporated joint venture, or trust that is organized, permitted, or existing under the laws of this state or any other state, including a federal corporation, or a combination of individuals, firms, partnerships, associations, corporations, unincorporated joint ventures, or trusts. See Montana Code 90-4-1302
• program: means a program established in accordance with this part. See Montana Code 90-4-1302
• Property: means real and personal property. See Montana Code 1-1-205
• Real property: means a privately owned commercial or industrial facility, covered multifamily housing accommodation as defined in 49-2-305(6), or agricultural property. See Montana Code 90-4-1302
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Record owner: means the person or persons possessing the most recent fee title as shown by the records of the county clerk and recorder. See Montana Code 90-4-1302
• Renewable energy: has the meaning provided in 15-24-3102. See Montana Code 90-4-1302
• 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
• Usage: means a reasonable and lawful public custom concerning transactions of the same nature as those which are to be affected thereby, existing at the place where the obligation is to be performed, and either known to the parties or so well established, general, and uniform that the parties must be presumed to have acted with reference thereto. See Montana Code 1-1-206