Terms Used In Montana Code > Title 90 > Chapter 7 > Part 3 - Notes and Bonds

• Authority: means the Montana facility finance authority created in 2-15-1815. See Montana Code 90-7-102
• Capital reserve account: means the account established in 90-7-317. See Montana Code 90-7-102
• Contract: A legal written agreement that becomes binding when signed.
• Costs: means costs allowed under 90-7-103. See Montana Code 90-7-102
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Eligible facility: means any eligible facility as defined in 90-7-104. See Montana Code 90-7-102
• 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.
• 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}
• Institution: means any public or private:

  (i)nonprofit hospital, corporation, or other organization authorized to provide or operate an eligible facility in this state;

  (ii)nonprofit prerelease center, corporation, or other organization authorized to operate a prerelease center in this state; or

  (iii)for-profit or nonprofit corporation or other organization authorized to provide for or to operate a project or a facility with qualified small issue bond financing pursuant to section 144(a) of the Internal Revenue Code, 26 U. See Montana Code 90-7-102

• 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: The written agreement pledging property to a creditor as collateral for a loan.
• Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents.
• Property: means real and personal property. See Montana Code 1-1-205
• Revenue: means , with respect to eligible facilities, the rents, fees, charges, interest, principal repayments, and other income received or to be received by the authority from any source on account of the eligible facilities. See Montana Code 90-7-102
• 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
• Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
• Trustee: A person or institution holding and administering property in trust.
• Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. ^{Source: OCC}
• United States: includes the District of Columbia and the territories. See Montana Code 1-1-201