Terms Used In Montana Code > Title 90 > Chapter 5 - Secondary Industry and Commercial Development

• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Bonds: means bonds, refunding bonds, notes, or other obligations issued by a municipality or county under the authority of this part, including without limitation short-term bonds or notes issued in anticipation of the issuance of long-term bonds or notes. See Montana Code 90-5-101
• Continuance: Putting off of a hearing ot trial until a later time.
• Contract: A legal written agreement that becomes binding when signed.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Donor: The person who makes a gift.
• Employee-owned enterprise: means a business corporation that:

  (a)requires that at least a majority of its employees:

  (i)are vested with stock in the enterprise and all of whose vested employees are entitled to vote; and

  (ii)own a majority of the shares which must be voted so that the vote of a majority of the employees control the vote of a majority of shares;

  (b)requires that voting rights on corporate matters for shares held in trust for the employees pass through to those employees at least to the extent required by the voting requirements of section 409(e) of the Internal Revenue Code of 1986, as amended;

  (c)provides vested employees the right to vote on corporate matters, including merger, consolidation, recapitalization, reclassification, liquidation, dissolution, or sale; and

  (d)requires that at least a majority of the members of the board of directors is elected by the employees of the enterprise. See Montana Code 90-5-303

• Family services provider: means organizations, including nonprofit corporations, that provide human services for children and adults, including but not limited to early care services for children, youth services, health services, social services, habilitative services, rehabilitative services, preventive care, and supportive services, and training, educational, and referral activities in support of human services. See Montana Code 90-5-101
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Governing body: means the board or body in which the general legislative powers of the municipality or county are vested. See Montana Code 90-5-101
• Grantor: The person who establishes a trust and places property into it.
• Institution of higher education: means any private, nonprofit corporation or institution within the state of Montana:

  (a)authorized to provide or operate educational facilities; and

  (b)providing a program of education beyond the high school level. See Montana Code 90-5-101

• 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}
• Lien: A claim against real or personal property in satisfaction of a debt.
• Mortgage: means a mortgage or deed of trust or other security device. See Montana Code 90-5-101
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Municipality: means any incorporated city or town in the state. See Montana Code 90-5-101
• 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.
• 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
• Process: means a writ or summons issued in the course of judicial proceedings. See Montana Code 1-1-202
• Project: means :

  (a)any land, any building or other improvement, and any other real or personal property considered necessary in connection with the improvement, whether or not now in existence, that must be suitable for use for commercial, manufacturing, agricultural, or industrial enterprises;

  (b)recreation or tourist facilities;

  (c)local, state, and federal governmental facilities;

  (d)multifamily housing, hospitals, long-term care facilities, community-based facilities for individuals who are persons with developmental disabilities as defined in 53-20-102, or medical facilities;

  (e)higher education facilities;

  (f)electric energy generation facilities;

  (g)family services provider facilities;

  (h)any facilities that are used or considered necessary to create or produce any intangible item, as defined in section 197(d)(1)(C)(iii) of the Internal Revenue Code, 26 U. See Montana Code 90-5-101

• 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.
• Statute: A law passed by a legislature.
• Trustee: A person or institution holding and administering property in trust.
• United States: includes the District of Columbia and the territories. See Montana Code 1-1-201
• Writing: includes printing. See Montana Code 1-1-203