reglab/housing_qa huggingface dataset:
MT Code § 72-26-303 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 26. Uniform Transfers to Minors Act|Part 3. Uniform Gifts to Minors Act Gift Administration -- Custodian (Repealed)|72-26-303. Repealed

  72-26-303. Repealed. Sec. 25, Ch. 102, L. 1985.   History: En. Sec. 6, Ch. 245, L. 1957; amd. Sec. 5, Ch. 234, L. 1967; R.C.M. 1947, 67-1806.
MT Code § 72-26-304 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 26. Uniform Transfers to Minors Act|Part 3. Uniform Gifts to Minors Act Gift Administration -- Custodian (Repealed)|72-26-304. Repealed

  72-26-304. Repealed. Sec. 25, Ch. 102, L. 1985.   History: En. Sec. 5, Ch. 245, L. 1957; R.C.M. 1947, 67-1805(a) thru (c).
MT Code § 72-26-305 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 26. Uniform Transfers to Minors Act|Part 3. Uniform Gifts to Minors Act Gift Administration -- Custodian (Repealed)|72-26-305. Repealed

  72-26-305. Repealed. Sec. 25, Ch. 102, L. 1985.   History: En. Sec. 5, Ch. 245, L. 1957; R.C.M. 1947, 67-1805(e).
MT Code § 72-26-306 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 26. Uniform Transfers to Minors Act|Part 3. Uniform Gifts to Minors Act Gift Administration -- Custodian (Repealed)|72-26-306. Repealed

  72-26-306. Repealed. Sec. 25, Ch. 102, L. 1985.   History: En. Sec. 8, Ch. 245, L. 1957; R.C.M. 1947, 67-1808.
MT Code § 72-26-401 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 26. Uniform Transfers to Minors Act|Part 4. Uniform Gifts to Minors Act Resignation, Death, or Removal of Custodian -- Bonding -- Successor (Repealed)|72-26-401. Repealed

  72-26-401. Repealed. Sec. 25, Ch. 102, L. 1985.   History: En. Sec. 7, Ch. 245, L. 1957; amd. Sec. 6, Ch. 234, L. 1967; amd. Sec. 13, Ch. 423, L. 1971; R.C.M. 1947, 67-1807(part).
MT Code § 72-26-402 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 26. Uniform Transfers to Minors Act|Part 4. Uniform Gifts to Minors Act Resignation, Death, or Removal of Custodian -- Bonding -- Successor (Repealed)|72-26-402. Repealed

  72-26-402. Repealed. Sec. 25, Ch. 102, L. 1985.   History: En. Sec. 7, Ch. 245, L. 1957; amd. Sec. 6, Ch. 234, L. 1967; amd. Sec. 13, Ch. 423, L. 1971; R.C.M. 1947, 67-1807(part); amd. Sec. 33, Ch. 6, L. 1979.
MT Code § 72-26-403 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 26. Uniform Transfers to Minors Act|Part 4. Uniform Gifts to Minors Act Resignation, Death, or Removal of Custodian -- Bonding -- Successor (Repealed)|72-26-403. Repealed

  72-26-403. Repealed. Sec. 25, Ch. 102, L. 1985.   History: En. Sec. 7, Ch. 245, L. 1957; amd. Sec. 6, Ch. 234, L. 1967; amd. Sec. 13, Ch. 423, L. 1971; R.C.M. 1947, 67-1807(part).
MT Code § 72-26-404 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 26. Uniform Transfers to Minors Act|Part 4. Uniform Gifts to Minors Act Resignation, Death, or Removal of Custodian -- Bonding -- Successor (Repealed)|72-26-404. Repealed

  72-26-404. Repealed. Sec. 25, Ch. 102, L. 1985.   History: En. Sec. 7, Ch. 245, L. 1957; amd. Sec. 6, Ch. 234, L. 1967; amd. Sec. 13, Ch. 423, L. 1971; R.C.M. 1947, 67-1807(e), (f).
MT Code § 72-26-501 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 26. Uniform Transfers to Minors Act|Part 5. General Provisions|72-26-501. Short title

  72-26-501. Short title. This chapter may be cited as the "Montana Uniform Transfers to Minors Act".   History: En. Sec. 1, Ch. 102, L. 1985.
MT Code § 72-26-502 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 26. Uniform Transfers to Minors Act|Part 5. General Provisions|72-26-502. Definitions

  72-26-502. Definitions. As used in this chapter, unless the context requires otherwise, the following definitions apply:   (1) "Adult" means an individual who has attained the age of 21 years.   (2) "Benefit plan" means an employer's plan for the benefit of an employee or partner.   (3) "Broker" means a person lawfully engaged in the business of effecting transactions in securities or commodities for the person's own account or for the account of others.   (4) "Conservator" means a person appointed or qualified by a court to act as general, limited, or temporary guardian of a minor's property or a person legally authorized to perform substantially the same functions.   (5) "Court" means district court.   (6) "Custodial property" means:   (a) any interest in property transferred to a custodian under this chapter; and   (b) the income from and proceeds of that interest in property.   (7) "Custodian" means a person so designated under 72-26-603 or a successor or substitute custodian designated under 72-26-801.   (8) "Financial institution" means a bank, trust company, savings institution, or credit union chartered and supervised under state or federal law.   (9) "Legal representative" means an individual's personal representative or conservator.   (10) "Member of the minor's family" means the minor's parent, stepparent, spouse, grandparent, brother, sister, uncle, or aunt, whether of the whole or half blood or by adoption.   (11) "Minor" means an individual who has not attained the age of 21 years.   (12) "Person" means an individual, corporation, organization, or other legal entity.   (13) "Personal representative" means an executor, administrator, successor personal representative, or special administrator of a decedent's estate or a person legally authorized to perform substantially the same functions.   (14) "State" includes any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and any territory or possession subject to the legislative authority of the United States.   (15) "Transfer" means a transaction that creates custodial property under 72-26-603.   (16) "Transferor" means a person who makes a transfer under this chapter.   (17) "Trust company" means a financial institution, corporation, or other legal entity authorized to exercise general trust powers.   History: En. Sec. 3, Ch. 102, L. 1985; amd. Sec. 29, Ch. 582, L. 1989.
MT Code § 72-26-503 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 26. Uniform Transfers to Minors Act|Part 5. General Provisions|72-26-503. Scope and jurisdiction

  72-26-503. Scope and jurisdiction. (1) This chapter applies to a transfer that refers to this chapter in the designation under 72-26-603(1) by which the transfer is made if at the time of the transfer, the transferor, the minor, or the custodian is a resident of this state or the custodial property is located in this state. The custodianship so created remains subject to this chapter despite a subsequent change in residence of a transferor, the minor, or the custodian or the removal of custodial property from this state.   (2) A person designated as custodian under this chapter is subject to personal jurisdiction in this state with respect to any matter relating to the custodianship.   (3) A transfer that purports to be made and which is valid under the Uniform Transfers to Minors Act, the Uniform Gifts to Minors Act, or a substantially similar act of another state is governed by the law of the designated state and may be executed and is enforceable in this state if at the time of the transfer, the transferor, the minor, or the custodian is a resident of the designated state or the custodial property is located in the designated state.   History: En. Sec. 4, Ch. 102, L. 1985.
MT Code § 72-26-504 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 26. Uniform Transfers to Minors Act|Part 5. General Provisions|72-26-504. Applicability

  72-26-504. Applicability. This chapter applies to a transfer within the scope of 72-26-503 made after October 1, 1985, if:   (1) the transfer purports to have been made under the provisions of Title 72, chapter 26, parts 1 through 4 (repealed by section 25, Chapter 102, Laws of 1985);   (2) the instrument by which the transfer purports to have been made uses in substance the designation "as custodian under the Uniform Gifts to Minors Act" or "as custodian under the Uniform Transfers to Minors Act" of any other state, and the application of this chapter is necessary to validate the transfer.   History: En. Sec. 23, Ch. 102, L. 1985.
MT Code § 72-26-505 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 26. Uniform Transfers to Minors Act|Part 5. General Provisions|72-26-505. Effect on existing custodianships

  72-26-505. Effect on existing custodianships. (1) Any transfer of custodial property as now defined in this chapter made before October 1, 1985, is validated notwithstanding that there was no specific authority in Title 72, chapter 26, parts 1 through 4 (repealed by section 25, Chapter 102, Laws of 1985), for the coverage of custodial property of that kind or for a transfer from that source at the time the transfer was made.   (2) This chapter applies to all transfers made before October 1, 1985, in a manner and form prescribed in Title 72, chapter 26, parts 1 through 4 (repealed by section 25, Chapter 102, Laws of 1985), except insofar as the application impairs constitutionally vested rights or extends the duration of custodianships in existence on October 1, 1985.   (3) Sections 72-26-502 and 72-26-803, with respect to the age of a minor for whom custodial property is held under this chapter, do not apply to custodial property held in a custodianship that terminated because of the minor's attainment of the age of 18 before October 1, 1985.   History: En. Sec. 24, Ch. 102, L. 1985.
MT Code § 72-26-506 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 26. Uniform Transfers to Minors Act|Part 5. General Provisions|72-26-506. Uniformity of application and construction

  72-26-506. Uniformity of application and construction. This chapter must be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this chapter among states enacting it.   History: En. Sec. 2, Ch. 102, L. 1985.
MT Code § 72-26-601 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 26. Uniform Transfers to Minors Act|Part 6. Manner of Creating Custodial Property and Effecting Transfer|72-26-601. Nomination of custodian

  72-26-601. Nomination of custodian. (1) A person having the right to designate the recipient of property transferable upon the occurrence of a future event may revocably nominate a custodian to receive the property for a minor beneficiary upon the occurrence of the event by naming the custodian, followed in substance by the words: "as custodian for ........ (name of minor) under the Montana Uniform Transfers to Minors Act". The nomination may name one or more persons as substitute custodians to whom the property must be transferred, in the order named, if the first nominated custodian dies before the transfer or is unable, declines, or is ineligible to serve. The nomination may be made in a will, a trust, a deed, an instrument exercising a power of appointment, or in a writing designating a beneficiary of contractual rights that is registered with or delivered to the payor, issuer, or other obligor of the contractual rights.   (2) A custodian nominated under this section must be a person to whom a transfer of property of that kind may be made under 72-26-603(1).   (3) The nomination of a custodian under this section does not create custodial property until the nominating instrument becomes irrevocable or a transfer to the nominated custodian is completed under 72-26-603. Unless the nomination of a custodian has been revoked, upon the occurrence of the future event the custodianship becomes effective and the custodian shall enforce a transfer of the custodial property pursuant to 72-26-603.   History: En. Sec. 5, Ch. 102, L. 1985.
MT Code § 72-26-602 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 26. Uniform Transfers to Minors Act|Part 6. Manner of Creating Custodial Property and Effecting Transfer|72-26-602. Single custodianship

  72-26-602. Single custodianship. A transfer may be made only for one minor, and only one person may be the custodian. All custodial property held under this chapter by the same custodian for the benefit of the same minor constitutes a single custodianship.   History: En. Sec. 12, Ch. 102, L. 1985.
MT Code § 72-26-604 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 26. Uniform Transfers to Minors Act|Part 6. Manner of Creating Custodial Property and Effecting Transfer|72-26-604. Transfer by gift or exercise of power of appointment

  72-26-604. Transfer by gift or exercise of power of appointment. A person may make a transfer by irrevocable gift to or the irrevocable exercise of a power of appointment in favor of a custodian for the benefit of a minor pursuant to 72-26-603.   History: En. Sec. 6, Ch. 102, L. 1985.
MT Code § 72-26-605 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 26. Uniform Transfers to Minors Act|Part 6. Manner of Creating Custodial Property and Effecting Transfer|72-26-605. Transfer authorized by will or trust

  72-26-605. Transfer authorized by will or trust. (1) A personal representative or trustee may make an irrevocable transfer pursuant to 72-26-603 to a custodian for the benefit of a minor as authorized in the governing will or trust.   (2) If the testator or settlor has nominated a custodian under 72-26-601 to receive the custodial property, the transfer must be made to that person.   (3) If the testator or settlor has not nominated a custodian under 72-26-601 or all persons so nominated as custodian die before the transfer or are unable, decline, or are ineligible to serve, the personal representative or the trustee, as the case may be, shall designate the custodian from among those eligible to serve as custodian for property of that kind under 72-26-603(1).   History: En. Sec. 7, Ch. 102, L. 1985.
MT Code § 72-26-606 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 26. Uniform Transfers to Minors Act|Part 6. Manner of Creating Custodial Property and Effecting Transfer|72-26-606. Other transfer by fiduciary

  72-26-606. Other transfer by fiduciary. (1) Subject to subsection (3), a personal representative or trustee may make an irrevocable transfer to another adult or trust company as custodian for the benefit of a minor pursuant to 72-26-603, in the absence of a will or under a will or trust that does not contain an authorization to do so.   (2) Subject to subsection (3), a conservator may make an irrevocable transfer to another adult or trust company as custodian for the benefit of the minor pursuant to 72-26-603.   (3) A transfer under subsection (1) or (2) may be made only if:   (a) the personal representative, trustee, or conservator considers the transfer to be in the best interest of the minor;   (b) the transfer is not prohibited by or inconsistent with provisions of the applicable will, trust agreement, or other governing instrument; and   (c) the transfer is authorized by the court if it exceeds $10,000 in value.   History: En. Sec. 8, Ch. 102, L. 1985.
MT Code § 72-26-607 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 26. Uniform Transfers to Minors Act|Part 6. Manner of Creating Custodial Property and Effecting Transfer|72-26-607. Transfer by obligor

  72-26-607. Transfer by obligor. (1) Subject to subsections (2) and (3), a person not subject to 72-26-605 or 72-26-606 who holds property of or owes a liquidated debt to a minor not having a conservator may make an irrevocable transfer to a custodian for the benefit of the minor pursuant to 72-26-603.   (2) If a person having the right to do so under 72-26-601 has nominated a custodian under that section to receive the custodial property, the transfer must be made to that person.   (3) If no custodian has been nominated under 72-26-601 or all persons so nominated as custodian die before the transfer or are unable, decline, or are ineligible to serve, a transfer under this section may be made to an adult member of the minor's family or to a trust company unless the property exceeds $10,000 in value.   History: En. Sec. 9, Ch. 102, L. 1985.
MT Code § 72-26-608 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 26. Uniform Transfers to Minors Act|Part 6. Manner of Creating Custodial Property and Effecting Transfer|72-26-608. Receipt for custodial property

  72-26-608. Receipt for custodial property. A written acknowledgment of delivery by a custodian constitutes a sufficient receipt and discharge for custodial property transferred to the custodian pursuant to this chapter.   History: En. Sec. 10, Ch. 102, L. 1985.
MT Code § 72-26-609 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 26. Uniform Transfers to Minors Act|Part 6. Manner of Creating Custodial Property and Effecting Transfer|72-26-609. Validity and effect of transfer

  72-26-609. Validity and effect of transfer. (1) The validity of a transfer made in a manner prescribed in this chapter is not affected by:   (a) failure of the transferor to comply with 72-26-603(3) concerning possession and control;   (b) designation of an ineligible custodian, except designation of the transferor in the case of property for which the transferor is ineligible to serve as custodian under 72-26-603(1); or   (c) death or incapacity of a person nominated under 72-26-601 or designated under 72-26-603 as custodian or the disclaimer of the office by that person.   (2) A transfer made pursuant to 72-26-603 is irrevocable, and the custodial property is indefeasibly vested in the minor, but the custodian has all the rights, powers, duties, and authority provided in this chapter, and neither the minor nor the minor's legal representative has any right, power, duty, or authority with respect to the custodial property except as provided in this chapter.   (3) By making a transfer, the transferor incorporates in the disposition all the provisions of this chapter and grants to the custodian, and to any third person dealing with a person designated as custodian, the respective powers, rights, and immunities provided in this chapter.   History: En. Sec. 13, Ch. 102, L. 1985.
MT Code § 72-26-701 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 26. Uniform Transfers to Minors Act|Part 7. Administration by Custodian -- Liability|72-26-701. Powers of custodian

  72-26-701. Powers of custodian. (1) A custodian, acting in a custodial capacity, has all the rights, powers, and authority over custodial property that unmarried adult owners have over their own property, but a custodian may exercise those rights, powers, and authority in that capacity only.   (2) This section does not relieve a custodian from liability for breach of 72-26-702.   History: En. Sec. 15, Ch. 102, L. 1985.
MT Code § 72-26-702 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 26. Uniform Transfers to Minors Act|Part 7. Administration by Custodian -- Liability|72-26-702. Care of custodial property

  72-26-702. Care of custodial property. (1) A custodian shall:   (a) take control of custodial property;   (b) register or record title to custodial property if appropriate; and   (c) collect, hold, manage, invest, and reinvest custodial property.   (2) In dealing with custodial property, a custodian shall observe the standard of care that would be observed by a prudent person dealing with property of another and is not limited by any other statute restricting investments by fiduciaries. If a custodian has a special skill or expertise or is named custodian on the basis of representations of a special skill or expertise, the custodian shall use that skill or expertise. However, a custodian, in the custodian's discretion and without liability to the minor or the minor's estate, may retain any custodial property received from a transferor.   (3) A custodian may invest in or pay premiums on life insurance or endowment policies on:   (a) the life of the minor only if the minor or the minor's estate is the sole beneficiary; or   (b) the life of another person in whom the minor has an insurable interest only to the extent that the minor, the minor's estate, or the custodian, in the capacity of custodian, is the irrevocable beneficiary.   (4) A custodian at all times shall keep custodial property separate and distinct from all other property in a manner sufficient to identify it clearly as custodial property of the minor. Custodial property consisting of an undivided interest is so identified if the minor's interest is held as a tenant in common and is fixed. Custodial property subject to recordation is so identified if it is recorded, and custodial property subject to registration is so identified if it is either registered or held in an account designated in the name of the custodian, followed in substance by the words: "as a custodian for ........ (name of minor) under the Montana Uniform Transfers to Minors Act".   (5) A custodian shall keep records of all transactions with respect to custodial property, including information necessary for the preparation of the minor's tax returns, and shall make them available for inspection at reasonable intervals by a parent or legal representative of the minor or by the minor if the minor has attained the age of 14 years.   History: En. Sec. 14, Ch. 102, L. 1985.
MT Code § 72-26-703 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 26. Uniform Transfers to Minors Act|Part 7. Administration by Custodian -- Liability|72-26-703. Use of custodial property

  72-26-703. Use of custodial property. (1) A custodian may deliver or pay to the minor or expend for the minor's benefit so much of the custodial property as the custodian considers advisable for the use and benefit of the minor, without court order and without regard to:   (a) the duty or ability of the custodian personally or of any other person to support the minor; or   (b) any other income or property of the minor which may be applicable or available for that purpose.   (2) On petition of an interested person or the minor if the minor has attained the age of 14 years, the court may order the custodian to deliver or pay to the minor or expend for the minor's benefit so much of the custodial property as the court considers advisable for the use and benefit of the minor.   (3) A delivery, payment, or expenditure under this section is in addition to, not in substitution for, and does not affect any obligation of a person to support the minor.   History: En. Sec. 16, Ch. 102, L. 1985.
MT Code § 72-26-704 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 26. Uniform Transfers to Minors Act|Part 7. Administration by Custodian -- Liability|72-26-704. Custodian's expenses, compensation, and bond

  72-26-704. Custodian's expenses, compensation, and bond. (1) A custodian is entitled to reimbursement from custodial property for reasonable expenses incurred in the performance of the custodian's duties.   (2) Except for one who is a transferor under 72-26-604, a custodian has a noncumulative election during each calendar year to charge reasonable compensation for services performed during that year.   (3) Except as provided in 72-26-801(6), a custodian need not give a bond.   History: En. Sec. 17, Ch. 102, L. 1985.