reglab/housing_qa huggingface dataset:
MT Code § 32-1-420 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 1. Banks and Trust Companies|Part 4. Operation and Regulation|32-1-420. Investment by trust fiduciary in management investment company or investment trust

  32-1-420. Investment by trust fiduciary in management investment company or investment trust. (1) In the absence of an express prohibition in a trust instrument, a trust company fiduciary or the trust division of a financial institution, whether organized under state or federal law, may acquire and retain, invest, and reinvest fiduciary funds in the securities of or other interests in an open-end or closed-end management investment company or investment trust registered under 15 U.S.C. 80a-1 through 80a-64.   (2) The investments authorized in subsection (1) may be made even if the fiduciary or an affiliate of the fiduciary is providing services to a management investment company or investment trust and is receiving compensation as an investment adviser or manager, sponsor, broker, distributor, custodian, transfer agent, or registrar or for a similar service. The fiduciary shall disclose to all current income beneficiaries of the trust the rate, formula, and method of compensation for the services provided.   History: En. Sec. 1, Ch. 289, L. 1993.
MT Code § 32-1-423 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 1. Banks and Trust Companies|Part 4. Operation and Regulation|32-1-423. Real estate that banks may purchase, hold, or convey

  32-1-423. Real estate that banks may purchase, hold, or convey. (1) (a) A bank organized under the provisions of this chapter may purchase, hold, or convey real estate that:   (i) is for its accommodation in the transaction of its business, but it may not invest an amount exceeding 100% of its paid-up capital and surplus in the lot and building in which the business of the company is or is projected to be carried on, furniture, equipment and fixtures, vaults and safety vaults, and boxes necessary or proper to carry on its banking business if property held for future use as a bank office site is held pursuant to a detailed written business plan formally adopted by the directors of the bank;   (ii) is mortgaged to it in good faith by way of security for loans previously made or money due to the bank;   (iii) is conveyed to it in satisfaction of debts previously contracted in the course of its business;   (iv) it purchases at sales under judgments, decrees, or mortgages held by the bank.   (b) The detailed written business plan required by subsection (1)(a)(i) must include information outlining the manner in which the acquired real estate will be developed for future use as a bank office site, including but not limited to the costs of projected construction, furniture, and equipment and fixtures. The plan must include sufficient information for the department to determine that the property will be used for a future bank office site.   (2) Real estate acquired in the manner set forth in subsections (1)(a)(iii) and (1)(a)(iv) may not be held longer than 5 years from the date of acquisition, unless special written permission is granted by the department. The real estate must be carried on the books of the bank for an amount not greater than its cost to the bank, including costs of foreclosure and other expenses of acquiring title.   History: En. Sec. 25, Ch. 89, L. 1927; re-en. Sec. 6014.29, R.C.M. 1935; amd. Sec. 12, Ch. 431, L. 1975; amd. Sec. 4, Ch. 71, L. 1977; R.C.M. 1947, 5-504; amd. Sec. 27, Ch. 395, L. 1993; amd. Sec. 15, Ch. 117, L. 1997; amd. Sec. 5, Ch. 105, L. 2003.
MT Code § 32-1-424 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 1. Banks and Trust Companies|Part 4. Operation and Regulation|32-1-424. Investments of financial institutions

  32-1-424. Investments of financial institutions. (1) Notwithstanding other provisions of the law, it is lawful for a bank, trust company, investment company or other financial institution operating under the laws of this state to invest the funds or money in its custody or possession, eligible for investment, in:   (a) debentures issued by the federal housing administrator and in obligations of national mortgage associations; and   (b) United States government obligations, either directly or in the form of securities of or other interests in an open-end or closed-end management type investment company or investment trust registered under the Investment Company Act of 1940 (15 U.S.C. 80a-1 through 80a-64), as amended, if:   (i) the portfolio of the investment company or investment trust is limited to United States government obligations and repurchase agreements fully collateralized by United States government obligations; and   (ii) the investment company or investment trust takes delivery of the collateral for any repurchase agreement, either directly or through an authorized custodian.   (2) The department shall publish a list of the permissible type of investments in United States government obligations as provided in subsection (1).   History: (1), (2)En. Sec. 26, Ch. 89, L. 1927; re-en. Sec. 6014.30, R.C.M. 1935; Sec. 5-505, R.C.M. 1947; (3)En. Sec. 1, Ch. 5, Ex. L. 1933; amd. Sec. 1, Ch. 37, L. 1935; re-en. Sec. 5309.35, R.C.M. 1935; amd. Sec. 1, Ch. 24, L. 1937; Sec. 35-142, R.C.M. 1947; R.C.M. 1947, 5-505, 35-142(part); amd. Sec. 1, Ch. 36, L. 1979; amd. Sec. 4, Ch. 137, L. 1989; amd. Sec. 28, Ch. 395, L. 1993.
MT Code § 32-1-425 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 1. Banks and Trust Companies|Part 4. Operation and Regulation|32-1-425. Definitions

  32-1-425. Definitions. For the purposes of 32-1-426 and 32-1-427, unless the context clearly indicates otherwise, the following definitions apply:   (1) "Fiduciary" means a trustee under any trust, expressed, implied, resulting, or constructive; executor; administrator; guardian; committee; conservator; curator; tutor; custodian; nominee; receiver; trustee in bankruptcy; assignee for the benefit of creditors; partner; agent; officer of any corporation, public or private; public officer; or any other person acting in a fiduciary capacity for any person, trust, or estate.   (2) "Person" means an individual, corporation, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, two or more persons having a joint or common interest, or any other legal or commercial entity.   History: En. 5-1601 by Sec. 3, Ch. 278, L. 1977; R.C.M. 1947, 5-1601; amd. Sec. 18, Ch. 123, L. 2013.
MT Code § 32-1-426 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 1. Banks and Trust Companies|Part 4. Operation and Regulation|32-1-426. Deposit of securities in central depository

  32-1-426. Deposit of securities in central depository. (1) Notwithstanding any other provision of law, any fiduciary, as defined in 32-1-425, holding securities in its fiduciary capacity, any bank or trust company holding securities as a custodian or managing agent, and any bank or trust company holding securities as custodian for a fiduciary is authorized to deposit or arrange for the deposit of the securities in a clearing corporation, as defined in 30-8-112. When the securities are deposited, certificates representing securities of the same class of the same issuer may be merged and held in bulk in the name of the nominee of the clearing corporation with any other securities deposited in the clearing corporation by any person regardless of the ownership of the securities, and certificates of small denomination may be merged into one or more certificates of larger denomination. The records of the fiduciary and the records of the bank or trust company acting as custodian, as managing agent, or a custodian for a fiduciary must at all times show the name of the party for whose account the securities are deposited. Title to the securities may be transferred by bookkeeping entry on the books of the clearing corporation without physical delivery of certificates representing the securities. A bank or trust company depositing securities pursuant to this section is subject to rules which in the case of state-chartered institutions, the state banking board and, in the case of national banking associations, the comptroller of the currency, may from time to time adopt. A bank or trust company acting as custodian for a fiduciary shall, on demand of the fiduciary, certify in writing to the fiduciary the securities deposited by the bank or trust company in the clearing corporation for the account of the fiduciary. A fiduciary shall, on demand by any party to a judicial proceeding for the settlement of the fiduciary's account or on demand by the attorney for the party, certify in writing to the party the securities deposited by the fiduciary in the clearing corporation for its account as the fiduciary.   (2) This section applies to any fiduciary holding securities in its fiduciary capacity and to any bank or trust company holding securities as a custodian, managing agent, or custodian for a fiduciary regardless of the date of the agreement, instrument, or court order by which it is appointed and regardless of whether or not the fiduciary, custodian, managing agent, or custodian for a fiduciary owns capital stock of the clearing corporation.   History: En. 5-1602 by Sec. 4, Ch. 278, L. 1977; R.C.M. 1947, 5-1602; amd. Sec. 87, Ch. 536, L. 1997.
MT Code § 32-1-427 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 1. Banks and Trust Companies|Part 4. Operation and Regulation|32-1-427. Fiduciaries -- deposit of securities with a federal reserve bank

  32-1-427. Fiduciaries -- deposit of securities with a federal reserve bank. (1) Notwithstanding any other provision of law, any bank or trust company when acting as fiduciary as defined in 32-1-425 and any bank or trust company when holding securities as custodian for a fiduciary is authorized to deposit or arrange for the deposit with the federal reserve bank in its district of any securities the principal and interest of which the United States or any department, agency, or instrumentality thereof has agreed to pay or has guaranteed payment, to be credited to one or more accounts on the books of the federal reserve bank in the name of the bank or trust company, to be designated fiduciary or safekeeping accounts, to which accounts other similar securities may be credited. A bank or trust company so depositing securities with a federal reserve bank shall be subject to such rules with respect to the making and maintenance of such deposit as, in the case of state-chartered institutions, the state banking board and, in the case of national banking associations, the comptroller of the currency may from time to time adopt. The records of the bank or trust company shall at all times show the ownership of the securities held in such account. Ownership of and other interests in the securities credited to such account may be transferred by entries on the books of the federal reserve bank without physical delivery of any securities. A bank or trust company acting as custodian for a fiduciary shall, on demand of the fiduciary, certify in writing to the fiduciary the securities deposited by the bank or trust company with the federal reserve bank for the account of such fiduciary. A fiduciary shall, on demand by any party to its accounting or on demand by the attorney for the party, certify in writing to the party the securities deposited by the fiduciary with the federal reserve bank for its account as such fiduciary.   (2) This section shall apply to all fiduciaries and custodians for fiduciaries acting on July 1, 1977, or who thereafter may act regardless of the date of the instrument or court order by which they are appointed.   History: En. 5-1603 by Sec. 5, Ch. 278, L. 1977; R.C.M. 1947, 5-1603.
MT Code § 32-1-428 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 1. Banks and Trust Companies|Part 4. Operation and Regulation|32-1-428. reserved

  32-1-428 reserved.
MT Code § 32-1-429 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 1. Banks and Trust Companies|Part 4. Operation and Regulation|32-1-429. Insurance activities -- exemption -- rulemaking

  32-1-429. Insurance activities -- exemption -- rulemaking. (1) A bank or a bank's subsidiary or affiliate may:   (a) except for title insurance, sell insurance of all types, including annuities, credit life insurance, and disability insurance; and   (b) act as an insurance producer, adjuster, consultant, or administrator as defined in Title 33, chapter 17.   (2) A bank or a bank's subsidiary or affiliate that engages in insurance activities authorized in subsection (1) is subject to the provisions of Title 33.   (3) A bank or bank's subsidiary or affiliate may, upon application to and approval by the department pursuant to 32-1-362, offer debt cancellation and suspension programs. Debt cancellation or suspension programs offered pursuant to this subsection are not insurance products subject to the provisions of Title 33. The department shall adopt rules to implement this subsection that must be substantially equivalent to or more stringent than federal laws, regulations, and regulatory guidelines that are applicable to debt cancellation or suspension programs offered by national banks.   History: En. Sec. 7, Ch. 100, L. 1999; amd. Sec. 1, Ch. 138, L. 2011.
MT Code § 32-1-430 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 1. Banks and Trust Companies|Part 4. Operation and Regulation|32-1-430. Authority of state banks to make real estate loans -- borrower insurance requirements

  32-1-430. Authority of state banks to make real estate loans -- borrower insurance requirements. (1) A bank in this state has the same authority to make loans upon real estate that is given by acts of congress or the federal reserve system to national banks or bank members of the federal reserve system.   (2) A bank that is subject to this section may not require a borrower, as a condition of obtaining or maintaining a loan secured by real property, to provide insurance on improvements to real property in an amount that exceeds the reasonable replacement value of the improvements.   History: En. Sec. 27, Ch. 89, L. 1927; re-en. Sec. 6014.31, R.C.M. 1935; amd. Sec. 1, Ch. 23, L. 1941; amd. Sec. 1, Ch. 90, L. 1945; amd. Sec. 1, Ch. 25, L. 1959; amd. Sec. 13, Ch. 431, L. 1975; amd. Sec. 5, Ch. 71, L. 1977; R.C.M. 1947, 5-506(part); amd. Sec. 1, Ch. 324, L. 2009.
MT Code § 32-1-431 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 1. Banks and Trust Companies|Part 4. Operation and Regulation|32-1-431. Repealed

  32-1-431. Repealed. Sec. 50, Ch. 395, L. 1993.   History: En. Sec. 27, Ch. 89, L. 1927; re-en. Sec. 6014.31, R.C.M. 1935; amd. Sec. 1, Ch. 23, L. 1941; amd. Sec. 1, Ch. 90, L. 1945; amd. Sec. 1, Ch. 25, L. 1959; amd. Sec. 13, Ch. 431, L. 1975; amd. Sec. 5, Ch. 71, L. 1977; R.C.M. 1947, 5-506(part).
MT Code § 32-1-433 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 1. Banks and Trust Companies|Part 4. Operation and Regulation|32-1-433. Investment in certain securities -- rulemaking authority

  32-1-433. Investment in certain securities -- rulemaking authority. (1) A bank may purchase, sell, underwrite, and hold investment securities that are obligations in the form of bonds, notes, or debentures, as provided in rules adopted by the department. In addition, unless limited by the department by rule, a bank may purchase, sell, underwrite, and hold those investment securities that are derivative transactions that national banks are expressly authorized to purchase, sell, underwrite, and hold. A bank may hold without limit investment securities that are general obligations of the United States, obligations that are guaranteed fully as to principal and interest by the United States, or general obligations of any state.   (2) The department shall adopt rules to implement this section.   History: En. Sec. 38, Ch. 89, L. 1927; re-en. Sec. 6014.42, R.C.M. 1935; amd. Sec. 7, Ch. 71, L. 1977; R.C.M. 1947, 5-517; amd. Sec. 1, Ch. 535, L. 1983; amd. Sec. 4, Ch. 199, L. 1989; (2) En. Sec. 6, Ch. 199, L. 1989; amd. Sec. 2, Ch. 121, L. 2013.
MT Code § 32-1-434 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 1. Banks and Trust Companies|Part 4. Operation and Regulation|32-1-434. Financial institutions authorized to obtain insurance and make loans when approved by federal housing administrator

  32-1-434. Financial institutions authorized to obtain insurance and make loans when approved by federal housing administrator. Notwithstanding any other provisions of the law of this state restricting the amount of any loan in relation to the value of the real estate and/or restricting the term of any such loan and/or restricting the rate of interest on any such loan, it shall be lawful for any corporation, bank, trust company, insurance company, investment company, and any other financial institution which has been approved as a mortgagee by the federal housing administrator to obtain insurance and to make such loans secured by real estate as the federal housing administrator insures or makes a commitment to insure.   History: En. Sec. 1, Ch. 8, L. 1935; re-en. Sec. 6018.1, R.C.M. 1935; amd. Sec. 1, Ch. 25, L. 1937; R.C.M. 1947, 5-1131.
MT Code § 32-1-435 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 1. Banks and Trust Companies|Part 4. Operation and Regulation|32-1-435. Federal housing securities eligible collateral

  32-1-435. Federal housing securities eligible collateral. Wherever collateral must or may be furnished by any depository in the state of Montana as security for the deposit of any funds whatsoever or wherever collateral must or may be deposited with any official of the state of Montana pursuant to any statute of this state, mortgages insured and debentures issued by the federal housing administrator shall be considered eligible collateral for such purposes.   History: En. Sec. 2, Ch. 25, L. 1937; R.C.M. 1947, 5-1132.
MT Code § 32-1-436 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 1. Banks and Trust Companies|Part 4. Operation and Regulation|32-1-436. Repealed

  32-1-436. Repealed. Sec. 2, Ch. 9, L. 1983.   History: En. Sec. 48, Ch. 89, L. 1927; re-en. Sec. 6014.52, R.C.M. 1935; amd. Sec. 1, Ch. 239, L. 1969; amd. Sec. 1, Ch. 196, L. 1975; R.C.M. 1947, 5-527.
MT Code § 32-1-437 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 1. Banks and Trust Companies|Part 4. Operation and Regulation|32-1-437. Acceptance and issuance of drafts -- rulemaking authority

  32-1-437. Acceptance and issuance of drafts -- rulemaking authority. (1) A bank organized and existing under the laws of Montana may accept for payment at a future date drafts drawn upon it by its customers authorizing the holders of the drafts to draw drafts upon it or its correspondents at sight or on time if the total amount of drafts accepted for any one person, firm, or corporation does not at any one time exceed 20% of the capital and surplus of the accepting or issuing bank.   (2) The department may adopt rules to implement this section.   History: En. Sec. 74, Ch. 89, L. 1927; re-en. Sec. 6014.85, R.C.M. 1935; amd. Sec. 11-103, Ch. 264, L. 1963; R.C.M. 1947, 5-1001; amd. Sec. 5, Ch. 199, L. 1989; (2) En. Sec. 6, Ch. 199, L. 1989; amd. Sec. 10, Ch. 265, L. 1995.
MT Code § 32-1-438 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 1. Banks and Trust Companies|Part 4. Operation and Regulation|32-1-438. and 32-1-439 reserved

  32-1-438 and 32-1-439 reserved.
MT Code § 32-1-440 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 1. Banks and Trust Companies|Part 4. Operation and Regulation|32-1-440. Financial institution's responsibility to provide notice when funds become available for withdrawal

  32-1-440. Financial institution's responsibility to provide notice when funds become available for withdrawal. (1) A depository bank shall provide clear and conspicuous written notice of the time periods and exceptions to the periods concerning when funds become available for withdrawal as of right on deposit by check or similar instrument in the customer's deposit account. The notice must state the cutoff hour, if any, fixed by the financial institution after which an item is treated as being received at the opening of the next business day.   (2) This notice must be:   (a) provided to a potential customer prior to opening a deposit account; and   (b) posted in a conspicuous manner at each financial institution, automated teller machine location, or other device that accepts deposits.   (3) A deposit slip, envelope, or any other printed form furnished by the depository financial institution for use in connection with deposits must contain the following notice, printed in a conspicuous manner: "Your deposit may not be available for immediate withdrawal. Consult posted notices for further information."   History: En. Sec. 1, Ch. 491, L. 1985; amd. Sec. 67, Ch. 51, L. 1999.
MT Code § 32-1-441 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 1. Banks and Trust Companies|Part 4. Operation and Regulation|32-1-441. Certified checks

  32-1-441. Certified checks. (1) Whenever a check drawn on any bank is certified by any officer or employee of such bank, the amount thereof shall be immediately charged against the account of the person, firm, or corporation drawing the same.   (2) It shall be unlawful for any officer or employee of any bank to certify any check drawn upon such bank, unless at the time such check is certified the person, firm, or corporation drawing the check has on deposit with the bank an amount of money subject to the payment of such check equal to the amount specified in such check.   (3) Any officer or employee of any bank who shall willfully violate the provisions of this section or shall resort to any device or receive any fictitious obligation, directly or indirectly, in order to evade the provisions hereof shall be guilty of felony.   History: En. Sec. 47, Ch. 89, L. 1927; re-en. Sec. 6014.51, R.C.M. 1935; amd. Sec. 1, Ch. 9, L. 1947; R.C.M. 1947, 5-526.
MT Code § 32-1-442 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 1. Banks and Trust Companies|Part 4. Operation and Regulation|32-1-442. Repealed

  32-1-442. Repealed. Sec. 134, Ch. 494, L. 1993.   History: En. Sec. 49, Ch. 89, L. 1927; re-en. Sec. 6014.53, R.C.M. 1935; amd. Sec. 1, Ch. 91, L. 1967; R.C.M. 1947, 5-528.
MT Code § 32-1-443 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 1. Banks and Trust Companies|Part 4. Operation and Regulation|32-1-443. Repealed

  32-1-443. Repealed. Sec. 134, Ch. 494, L. 1993.   History: En. Sec. 50, Ch. 89, L. 1927; re-en. Sec. 6014.54, R.C.M. 1935; R.C.M. 1947, 5-529.
MT Code § 32-1-444 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 1. Banks and Trust Companies|Part 4. Operation and Regulation|32-1-444. Deposit in name of minor

  32-1-444. Deposit in name of minor. Whenever any deposit shall be made in any bank by or in the name of any minor, the same shall be held for the exclusive right and benefit of such minor and free from the control or lien of all persons whatsoever, except creditors, and shall be paid, with any interest due thereon, to the person in whose name the deposit was made, and the receipt of such minor is a sufficient release or discharge for such deposit to the bank.   History: En. Sec. 51, Ch. 89, L. 1927; re-en. Sec. 6014.55, R.C.M. 1935; amd. Sec. 9, Ch. 71, L. 1977; R.C.M. 1947, 5-530.