reglab/housing_qa huggingface dataset:
MT Code § 72-38-709 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 38. Montana Uniform Trust Code|Part 7. Office of Trustee|72-38-709. Reimbursement of expenses

  72-38-709. Reimbursement of expenses. (1) A trustee is entitled to be reimbursed out of the trust property, with interest as appropriate, for:   (a) expenses that were properly incurred in the administration of the trust; and   (b) to the extent necessary to prevent unjust enrichment of the trust, expenses that were not properly incurred in the administration of the trust.   (2) An advance by the trustee of money for the protection of the trust gives rise to a lien against trust property to secure reimbursement with reasonable interest.   History: En. Sec. 87, Ch. 264, L. 2013.
MT Code § 72-38-801 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 38. Montana Uniform Trust Code|Part 8. Duties and Powers of Trustee|72-38-801. Duty to administer trust

  72-38-801. Duty to administer trust. Upon acceptance of a trusteeship, the trustee shall administer the trust expeditiously and in good faith, in accordance with its terms and purposes and the interests of the beneficiaries, and in accordance with this chapter.   History: En. Sec. 88, Ch. 264, L. 2013.
MT Code § 72-38-803 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 38. Montana Uniform Trust Code|Part 8. Duties and Powers of Trustee|72-38-803. Impartiality

  72-38-803. Impartiality. If a trust has two or more beneficiaries, the trustee shall act impartially in investing, managing, and distributing the trust property, giving due regard to the beneficiaries' respective interests.   History: En. Sec. 90, Ch. 264, L. 2013.
MT Code § 72-38-804 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 38. Montana Uniform Trust Code|Part 8. Duties and Powers of Trustee|72-38-804. Prudent administration

  72-38-804. Prudent administration. A trustee shall administer the trust as a prudent person would, by considering the purposes, terms, distributional requirements, and other circumstances of the trust. In satisfying this standard, the trustee shall exercise reasonable care, skill, and caution.   History: En. Sec. 91, Ch. 264, L. 2013.
MT Code § 72-38-805 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 38. Montana Uniform Trust Code|Part 8. Duties and Powers of Trustee|72-38-805. Costs of administration

  72-38-805. Costs of administration. In administering a trust, the trustee may incur only costs that are reasonable in relation to the trust property, the purposes of the trust, and the skills of the trustee.   History: En. Sec. 92, Ch. 264, L. 2013.
MT Code § 72-38-806 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 38. Montana Uniform Trust Code|Part 8. Duties and Powers of Trustee|72-38-806. Trustee's skills

  72-38-806. Trustee's skills. A trustee who has special skills or expertise or is named trustee in reliance upon the trustee's representation that the trustee has special skills or expertise shall use those special skills or expertise.   History: En. Sec. 93, Ch. 264, L. 2013.
MT Code § 72-38-807 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 38. Montana Uniform Trust Code|Part 8. Duties and Powers of Trustee|72-38-807. Delegation by trustee

  72-38-807. Delegation by trustee. (1) A trustee may delegate duties and powers that a prudent trustee of comparable skills could properly delegate under the circumstances. The trustee shall exercise reasonable care, skill, and caution in:   (a) selecting an agent;   (b) establishing the scope and terms of the delegation, consistent with the purposes and terms of the trust; and   (c) periodically reviewing the agent's actions in order to monitor the agent's performance and compliance with the terms of the delegation.   (2) In performing a delegated function, an agent owes a duty to the trust to exercise reasonable care to comply with the terms of the delegation.   (3) A trustee who complies with subsection (1) is not liable to the beneficiaries or to the trust for an action of the agent to whom the function was delegated.   (4) By accepting a delegation of powers or duties from the trustee of a trust that is subject to the law of this state, an agent submits to the jurisdiction of the courts of this state.   History: En. Sec. 94, Ch. 264, L. 2013.
MT Code § 72-38-808 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 38. Montana Uniform Trust Code|Part 8. Duties and Powers of Trustee|72-38-808. Repealed

  72-38-808. Repealed. Sec. 24, Ch. 325, L. 2021.  History: En. Sec. 95, Ch. 264, L. 2013.
MT Code § 72-38-809 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 38. Montana Uniform Trust Code|Part 8. Duties and Powers of Trustee|72-38-809. Control and protection of trust property

  72-38-809. Control and protection of trust property. A trustee shall take reasonable steps to take control of and protect the trust property.   History: En. Sec. 96, Ch. 264, L. 2013.
MT Code § 72-38-810 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 38. Montana Uniform Trust Code|Part 8. Duties and Powers of Trustee|72-38-810. Recordkeeping and identification of trust property

  72-38-810. Recordkeeping and identification of trust property. (1) A trustee shall keep adequate records of the administration of the trust.   (2) A trustee shall keep trust property separate from the trustee's own property.   (3) Except as otherwise provided in subsection (4), a trustee shall designate the trust property so that the interest of the trust, to the extent feasible, appears in records maintained by a party other than a trustee or beneficiary.   (4) If the trustee maintains records clearly indicating the respective interests, a trustee may invest as a whole the property of two or more separate trusts.   History: En. Sec. 97, Ch. 264, L. 2013.
MT Code § 72-38-811 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 38. Montana Uniform Trust Code|Part 8. Duties and Powers of Trustee|72-38-811. Enforcement and defense claims

  72-38-811. Enforcement and defense claims. A trustee shall take reasonable steps to enforce claims of the trust and to defend claims against the trust.   History: En. Sec. 98, Ch. 264, L. 2013.
MT Code § 72-38-812 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 38. Montana Uniform Trust Code|Part 8. Duties and Powers of Trustee|72-38-812. Collecting trust property

  72-38-812. Collecting trust property. A trustee shall take reasonable steps to compel a former trustee or other person to deliver trust property to the trustee and to redress a breach of trust known to the trustee to have been committed by a former trustee.   History: En. Sec. 99, Ch. 264, L. 2013.
MT Code § 72-38-814 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 38. Montana Uniform Trust Code|Part 8. Duties and Powers of Trustee|72-38-814. Discretionary powers -- tax savings

  72-38-814. Discretionary powers -- tax savings. (1) Notwithstanding the breadth of discretion granted to a trustee in the terms of the trust, including the use of such terms as "absolute", "sole", or "uncontrolled", the trustee shall exercise a discretionary power in good faith and in accordance with the terms and purposes of the trust and the interests of the beneficiaries.   (2) Subject to subsection (4) and unless the terms of the trust expressly indicate that a rule in this subsection does not apply:   (a) a person other than a settlor who is a beneficiary and trustee of a trust that confers on the trustee a power to make discretionary distributions to or for the trustee's personal benefit may exercise the power only in accordance with an ascertainable standard; and   (b) a trustee may not exercise a power to make discretionary distributions to satisfy a legal obligation of support that the trustee personally owes another person.   (3) A power whose exercise is limited or prohibited by subsection (2) may be exercised by a majority of the remaining trustees whose exercise of the power is not so limited or prohibited. If the power of all trustees is so limited or prohibited, the court may appoint a special fiduciary with authority to exercise the power.   (4) Subsection (2) does not apply to:   (a) a power held by the settlor's spouse who is the trustee of a trust for which a marital deduction, as defined in section 2056(b)(5) or 2523(e) of the Internal Revenue Code of 1986, as in effect on the effective date of this chapter or as later amended, was previously allowed;   (b) any trust during any period that the trust may be revoked or amended by its settlor; or   (c) a trust if contributions to the trust qualify for the annual exclusion under section 2503(c) of the Internal Revenue Code of 1986, as in effect on the effective date of this chapter or as later amended.   History: En. Sec. 101, Ch. 264, L. 2013.
MT Code § 72-38-815 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 38. Montana Uniform Trust Code|Part 8. Duties and Powers of Trustee|72-38-815. General powers of trustee

  72-38-815. General powers of trustee. (1) A trustee, without authorization by the court, may exercise:   (a) powers conferred by the terms of the trust; and   (b) except as limited by the terms of the trust:   (i) all powers over the trust property that an unmarried competent owner has over individually owned property;   (ii) any other powers appropriate to achieve the proper investment, management, and distribution of the trust property; and   (iii) any other powers conferred by this chapter.   (2) The exercise of a power is subject to the fiduciary duties prescribed by 72-38-801 through 72-38-817.   History: En. Sec. 102, Ch. 264, L. 2013.
MT Code § 72-38-817 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 38. Montana Uniform Trust Code|Part 8. Duties and Powers of Trustee|72-38-817. Distribution upon termination

  72-38-817. Distribution upon termination. (1) Upon termination or partial termination of a trust, the trustee may send to the beneficiaries a proposal for distribution. The right of any beneficiary to object to the proposed distribution terminates if the beneficiary does not notify the trustee of an objection within 30 days after the proposal was sent but only if the proposal informed the beneficiary of the right to object and of the time allowed for objection.   (2) Upon the occurrence of an event terminating or partially terminating a trust, the trustee shall proceed expeditiously to distribute the trust property to the persons entitled to it, subject to the right of the trustee to retain a reasonable reserve for the payment of debts, expenses, and taxes.   (3) A release by a beneficiary of a trustee from liability for breach of trust is invalid to the extent:   (a) it was induced by improper conduct of the trustee; or   (b) the beneficiary, at the time of the release, did not know of the beneficiary's rights or of the material facts relating to the breach.   History: En. Sec. 104, Ch. 264, L. 2013.
MT Code § 72-38-818 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 38. Montana Uniform Trust Code|Part 8. Duties and Powers of Trustee|72-38-818. and 72-38-819 reserved

  72-38-818 and 72-38-819 reserved.
MT Code § 72-38-820 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 38. Montana Uniform Trust Code|Part 8. Duties and Powers of Trustee|72-38-820. Definitions

  72-38-820. Definitions. As used in 72-38-820 through 72-38-826, the following definitions apply:   (1) "Charitable trust" means a charitable trust as described in section 4947(a)(1) of the Internal Revenue Code.   (2) "Private foundation" means a private foundation as defined in section 509 of the Internal Revenue Code.   (3) "Split-interest trust" means a split-interest trust as described in section 4947(a)(2) of the Internal Revenue Code.   History: En. Sec. 105, Ch. 264, L. 2013.
MT Code § 72-38-821 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 38. Montana Uniform Trust Code|Part 8. Duties and Powers of Trustee|72-38-821. Distribution under charitable trust or private foundation

  72-38-821. Distribution under charitable trust or private foundation. During any period when a trust is considered to be a charitable trust or a private foundation, the trustee shall distribute its income for each taxable year (and principal if necessary) at a time and in a manner that will not subject the property of the trust to tax under section 4942 of the Internal Revenue Code.   History: En. Sec. 106, Ch. 264, L. 2013.
MT Code § 72-38-822 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 38. Montana Uniform Trust Code|Part 8. Duties and Powers of Trustee|72-38-822. Restrictions on trustees under charitable trust, private foundations, or split-interest trust

  72-38-822. Restrictions on trustees under charitable trust, private foundations, or split-interest trust. During any period when a trust is considered to be a charitable trust, a private foundation, or a split-interest trust, the trustee may not do any of the following:   (1) engage in any act of self-dealing as defined in section 4941(d) of the Internal Revenue Code;   (2) retain any excess business holdings as defined in section 4943(c) of the Internal Revenue Code;   (3) make any investments in a manner that subjects the property of the trust to tax under section 4944 of the Internal Revenue Code; or   (4) make any taxable expenditure as defined in section 4945(d) of the Internal Revenue Code.   History: En. Sec. 107, Ch. 264, L. 2013.
MT Code § 72-38-823 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 38. Montana Uniform Trust Code|Part 8. Duties and Powers of Trustee|72-38-823. Exceptions applicable to split-interest trusts

  72-38-823. Exceptions applicable to split-interest trusts. (1) Subsections (2) and (3) of 72-38-822 do not apply to any trust described in section 4947(b)(3) of the Internal Revenue Code.   (2) Section 72-38-822 does not apply with respect to any of the following:   (a) any amounts payable under the terms of a trust to income beneficiaries unless a deduction was allowed under section 170(f)(2)(B), 2055(e)(2)(B), or 2522(c)(2)(B) of the Internal Revenue Code;   (b) any amounts in trust other than amounts for which a deduction was allowed under section 170, 545(b)(2), 556(b)(2), 642(c), 2055, 2106(a)(2), or 2522 of the Internal Revenue Code if the amounts are segregated, as that term is defined in section 4947(a)(3) of the Internal Revenue Code, from amounts for which no deduction was allowable; or   (c) any amounts irrevocably transferred in trust before May 27, 1969.   History: En. Sec. 108, Ch. 264, L. 2013.
MT Code § 72-38-824 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 38. Montana Uniform Trust Code|Part 8. Duties and Powers of Trustee|72-38-824. Incorporation in trust instruments

  72-38-824. Incorporation in trust instruments. The provisions of 72-38-821 through 72-38-823 and 72-38-826 must be considered to be contained in the terms of the trust to which 72-38-820 through 72-38-826 apply. Any term of the trust inconsistent with or contrary to 72-38-820 through 72-38-826 is without effect unless that term is more restrictive.   History: En. Sec. 109, Ch. 264, L. 2013.
MT Code § 72-38-825 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 38. Montana Uniform Trust Code|Part 8. Duties and Powers of Trustee|72-38-825. Proceedings

  72-38-825. Proceedings. (1) A proceeding contemplated by section 101(l)(3) of the federal Tax Reform Act of 1969 (Public Law 91-172) may be commenced pursuant to 72-38-213 by the organization involved. All specifically named beneficiaries of the organization and the attorney general must be parties to the proceedings. Notwithstanding 72-38-201, this provision is not exclusive and does not limit any jurisdiction that otherwise exists.   (2) If an instrument creating a trust affected by this section has been recorded, a notice of pendency of judicial proceedings under this section must be recorded in a similar manner within 10 days from the commencement of the proceedings. A duly certified copy of any final judgment or decree in the proceedings must be similarly recorded.   History: En. Sec. 110, Ch. 264, L. 2013.
MT Code § 72-38-826 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 38. Montana Uniform Trust Code|Part 8. Duties and Powers of Trustee|72-38-826. Disposition of property upon termination of a charitable trust, private foundation, or split-interest trust

  72-38-826. Disposition of property upon termination of a charitable trust, private foundation, or split-interest trust. At the termination of a charitable trust, private foundation organized as a trust, or any other trust described in section 501(c)(3) of the Internal Revenue Code, the trust property must be distributed for one or more exempt purposes or to organizations that are organized and operated exclusively for exempt purposes within the meaning of section 501(c)(3) of the Internal Revenue Code or must be distributed to the federal government or to a state or local government for a public purpose. At the termination of a split-interest trust, the charitable portion of the trust property must be distributed to one or more organizations described in sections 170(c), 2055(a), and 2522(a) of the Internal Revenue Code.   History: En. Sec. 111, Ch. 264, L. 2013.
MT Code § 72-38-901 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 38. Montana Uniform Trust Code|Part 9. Uniform Prudent Investor Act|72-38-901. Prudent investor rule

  72-38-901. Prudent investor rule. (1) Except as provided in subsection (2), a trustee who invests and manages trust assets owes a duty to the beneficiaries of the trust to comply with the prudent investor rule.   (2) The settlor may expand or restrict the prudent investor rule by express provisions in the trust instrument. A trustee is not liable to a beneficiary for the trustee's good faith reliance on these express provisions.   History: En. Sec. 112, Ch. 264, L. 2013.
MT Code § 72-38-902 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 38. Montana Uniform Trust Code|Part 9. Uniform Prudent Investor Act|72-38-902. Standard of care -- investments and management -- considerations

  72-38-902. Standard of care -- investments and management -- considerations. (1) A trustee shall invest and manage trust assets as a prudent investor would, by considering the purposes, terms, distribution requirements, and other circumstances of the trust. In satisfying this standard, the trustee shall exercise reasonable care, skill, and caution.   (2) A trustee's investment and management decisions respecting individual assets and courses of action must be evaluated not in isolation, but in the context of the trust portfolio as a whole and as a part of an overall investment strategy having risk and return objectives reasonably suited to the trust.   (3) Among circumstances that are appropriate to consider in investing and managing trust assets are the following, to the extent relevant to the trust or its beneficiaries:   (a) general economic conditions;   (b) the possible effect of inflation or deflation;   (c) the expected tax consequences of investment decisions or strategies;   (d) the role that each investment or course of action plays within the overall trust portfolio;   (e) the expected total return from income and the appreciation of capital;   (f) other resources of the beneficiaries known to the trustee as determined from information provided by the beneficiaries;   (g) needs for liquidity, regularity of income, and preservation or appreciation of capital; and   (h) an asset's special relationship or special value, if any, to the purposes of the trust or to one or more of the beneficiaries.   (4) A trustee shall make a reasonable effort to ascertain facts relevant to the investment and management of trust assets.   (5) A trustee may invest in any kind of property or type of investment or engage in any course of action or investment strategy consistent with the standards of this Act.   History: En. Sec. 113, Ch. 264, L. 2013.
MT Code § 72-38-903 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 38. Montana Uniform Trust Code|Part 9. Uniform Prudent Investor Act|72-38-903. Diversification -- duty of trustee -- exception

  72-38-903. Diversification -- duty of trustee -- exception. (1) Subject to subsection (2), in making and implementing investment decisions, the trustee has a duty to diversify the investments of the trust unless, under the circumstances, it is not prudent to do so.   (2) If trust assets include farm or ranch property, a closely held family business, timber interests, or interests in oil, gas, or minerals, the trustee may elect to retain those assets. A trustee's exercise of discretion to retain assets of the character described in this subsection is not a breach of the trustee's duty to diversify investments.   History: En. Sec. 114, Ch. 264, L. 2013.
MT Code § 72-38-904 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 38. Montana Uniform Trust Code|Part 9. Uniform Prudent Investor Act|72-38-904. Review of assets -- time for compliance

  72-38-904. Review of assets -- time for compliance. Within a reasonable time after accepting a trusteeship or receiving trust assets, a trustee shall review the trust assets and make and implement decisions concerning the retention and disposition of assets in order to bring the trust portfolio into compliance with the purposes, terms, distribution requirements, and other circumstances of the trust and with the requirements of this part.   History: En. Sec. 115, Ch. 264, L. 2013.
MT Code § 72-38-905 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 38. Montana Uniform Trust Code|Part 9. Uniform Prudent Investor Act|72-38-905. Compliance determinations -- standards

  72-38-905. Compliance determinations -- standards. Compliance with the prudent investor rule is determined in light of the facts and circumstances existing at the time of a trustee's decision or action and not by hindsight.   History: En. Sec. 116, Ch. 264, L. 2013.
MT Code § 72-38-906 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 38. Montana Uniform Trust Code|Part 9. Uniform Prudent Investor Act|72-38-906. Interpretation of trust terms construing legal investments

  72-38-906. Interpretation of trust terms construing legal investments. The following terms or comparable language in the provisions of a trust, unless otherwise limited or modified, must be construed as authorizing any investment or strategy permitted under this part: "investments permissible by law for investment of trust funds", "legal investments", "authorized investments", "using the judgment and care under the circumstances then prevailing that persons of prudence, discretion, and intelligence exercise in the management of their own affairs, not in regard to speculation but in regard to the permanent disposition of their funds, considering the probable income as well as the probable safety of their capital", "prudent man rule", "prudent trustee rule", "prudent person rule", and "prudent investor rule".   History: En. Sec. 117, Ch. 264, L. 2013.