reglab/statecodes huggingface dataset:
2023 Montana Code Annotated › Title 72. Estates, Trusts, and Fiduciary Relationships › Chapter 25. Revised Uniform Principal and Income Act (Repealed) › Part 3. Allocation of Expenses (Repealed) › 72-25-301. Repealed

72-25-301. Repealed.
Sec. 16, Ch. 371, L. 1983.
History: En. Sec. 12, Ch. 277, L. 1959; amd. Sec. 1, Ch. 134, L. 1965; R.C.M. 1947, 67-1912.
2023 Montana Code Annotated › Title 72. Estates, Trusts, and Fiduciary Relationships › Chapter 25. Revised Uniform Principal and Income Act (Repealed) › Part 3. Allocation of Expenses (Repealed) › 72-25-302. Repealed

72-25-302. Repealed.
Sec. 16, Ch. 371, L. 1983.
History: En. Sec. 13, Ch. 277, L. 1959; R.C.M. 1947, 67-1913.
2023 Montana Code Annotated › Title 72. Estates, Trusts, and Fiduciary Relationships › Chapter 25. Revised Uniform Principal and Income Act (Repealed) › Part 4. Principal and Income Receipts and Expenditures (Repealed) › 72-25-401. Repealed

72-25-401. Repealed.
Sec. 220, Ch. 685, L. 1989.
History: En. Sec. 5, Ch. 371, L. 1983.
2023 Montana Code Annotated › Title 72. Estates, Trusts, and Fiduciary Relationships › Chapter 25. Revised Uniform Principal and Income Act (Repealed) › Part 4. Principal and Income Receipts and Expenditures (Repealed) › 72-25-402. Repealed

72-25-402. Repealed.
Sec. 220, Ch. 685, L. 1989.
History: En. Sec. 6, Ch. 371, L. 1983.
2023 Montana Code Annotated › Title 72. Estates, Trusts, and Fiduciary Relationships › Chapter 25. Revised Uniform Principal and Income Act (Repealed) › Part 4. Principal and Income Receipts and Expenditures (Repealed) › 72-25-403. Repealed

72-25-403. Repealed.
Sec. 220, Ch. 685, L. 1989.
History: En. Sec. 7, Ch. 371, L. 1983.
2023 Montana Code Annotated › Title 72. Estates, Trusts, and Fiduciary Relationships › Chapter 25. Revised Uniform Principal and Income Act (Repealed) › Part 4. Principal and Income Receipts and Expenditures (Repealed) › 72-25-404. Repealed

72-25-404. Repealed.
Sec. 220, Ch. 685, L. 1989.
History: En. Sec. 8, Ch. 371, L. 1983.
2023 Montana Code Annotated › Title 72. Estates, Trusts, and Fiduciary Relationships › Chapter 25. Revised Uniform Principal and Income Act (Repealed) › Part 4. Principal and Income Receipts and Expenditures (Repealed) › 72-25-405. Repealed

72-25-405. Repealed.
Sec. 220, Ch. 685, L. 1989.
History: En. Sec. 9, Ch. 371, L. 1983.
2023 Montana Code Annotated › Title 72. Estates, Trusts, and Fiduciary Relationships › Chapter 25. Revised Uniform Principal and Income Act (Repealed) › Part 4. Principal and Income Receipts and Expenditures (Repealed) › 72-25-406. Repealed

72-25-406. Repealed.
Sec. 220, Ch. 685, L. 1989.
History: En. Sec. 10, Ch. 371, L. 1983.
2023 Montana Code Annotated › Title 72. Estates, Trusts, and Fiduciary Relationships › Chapter 25. Revised Uniform Principal and Income Act (Repealed) › Part 4. Principal and Income Receipts and Expenditures (Repealed) › 72-25-407. Repealed

72-25-407. Repealed.
Sec. 220, Ch. 685, L. 1989.
History: En. Sec. 11, Ch. 371, L. 1983.
2023 Montana Code Annotated › Title 72. Estates, Trusts, and Fiduciary Relationships › Chapter 25. Revised Uniform Principal and Income Act (Repealed) › Part 4. Principal and Income Receipts and Expenditures (Repealed) › 72-25-408. Repealed

72-25-408. Repealed.
Sec. 220, Ch. 685, L. 1989.
History: En. Sec. 12, Ch. 371, L. 1983.
2023 Montana Code Annotated › Title 72. Estates, Trusts, and Fiduciary Relationships › Chapter 25. Revised Uniform Principal and Income Act (Repealed) › Part 4. Principal and Income Receipts and Expenditures (Repealed) › 72-25-409. Repealed

72-25-409. Repealed.
Sec. 220, Ch. 685, L. 1989.
History: En. Sec. 13, Ch. 371, L. 1983.
2023 Montana Code Annotated › Title 72. Estates, Trusts, and Fiduciary Relationships › Chapter 25. Revised Uniform Principal and Income Act (Repealed) › Part 4. Principal and Income Receipts and Expenditures (Repealed) › 72-25-410. Repealed

72-25-410. Repealed.
Sec. 220, Ch. 685, L. 1989.
History: En. Sec. 14, Ch. 371, L. 1983.
2023 Montana Code Annotated › Title 72. Estates, Trusts, and Fiduciary Relationships › Chapter 25. Revised Uniform Principal and Income Act (Repealed) › Part 4. Principal and Income Receipts and Expenditures (Repealed) › 72-25-411. Repealed

72-25-411. Repealed.
Sec. 220, Ch. 685, L. 1989.
History: En. Sec. 15, Ch. 371, L. 1983.
2023 Montana Code Annotated › Title 72. Estates, Trusts, and Fiduciary Relationships › Chapter 26. Uniform Transfers to Minors Act › Part 1. Uniform Gifts to Minors Act General Provisions (Repealed) › 72-26-101. Repealed

72-26-101. Repealed.
Sec. 25, Ch. 102, L. 1985.
History: En. Sec. 10, Ch. 245, L. 1957; amd. Sec. 7, Ch. 234, L. 1967; R.C.M. 1947, 67-1810.
2023 Montana Code Annotated › Title 72. Estates, Trusts, and Fiduciary Relationships › Chapter 26. Uniform Transfers to Minors Act › Part 1. Uniform Gifts to Minors Act General Provisions (Repealed) › 72-26-102. Repealed

72-26-102. Repealed.
Sec. 25, Ch. 102, L. 1985.
History: En. Sec. 1, Ch. 245, L. 1957; amd. Sec. 1, Ch. 234, L. 1967; amd. Sec. 11, Ch. 423, L. 1971; R.C.M. 1947, 67-1801.
2023 Montana Code Annotated › Title 72. Estates, Trusts, and Fiduciary Relationships › Chapter 26. Uniform Transfers to Minors Act › Part 1. Uniform Gifts to Minors Act General Provisions (Repealed) › 72-26-103. Repealed

72-26-103. Repealed.
Sec. 25, Ch. 102, L. 1985.
History: En. Sec. 9, Ch. 245, L. 1957; R.C.M. 1947, 67-1809.
2023 Montana Code Annotated › Title 72. Estates, Trusts, and Fiduciary Relationships › Chapter 26. Uniform Transfers to Minors Act › Part 1. Uniform Gifts to Minors Act General Provisions (Repealed) › 72-26-104. Repealed

72-26-104. Repealed.
Sec. 25, Ch. 102, L. 1985.
History: En. Sec. 12, Ch. 245, L. 1957; amd. Sec. 8, Ch. 234, L. 1967; R.C.M. 1947, 67-1811.
2023 Montana Code Annotated › Title 72. Estates, Trusts, and Fiduciary Relationships › Chapter 26. Uniform Transfers to Minors Act › Part 2. Uniform Gifts to Minors Act Making and Effect of Gift (Repealed) › 72-26-201. Repealed

72-26-201. Repealed.
Sec. 25, Ch. 102, L. 1985.
History: En. Sec. 2, Ch. 245, L. 1957; amd. Sec. 2, Ch. 234, L. 1967; R.C.M. 1947, 67-1802; amd. Sec. 32, Ch. 6, L. 1979; amd. Sec. 1, Ch. 8, L. 1981.
2023 Montana Code Annotated › Title 72. Estates, Trusts, and Fiduciary Relationships › Chapter 26. Uniform Transfers to Minors Act › Part 2. Uniform Gifts to Minors Act Making and Effect of Gift (Repealed) › 72-26-202. Repealed

72-26-202. Repealed.
Sec. 25, Ch. 102, L. 1985.
History: En. Sec. 3, Ch. 245, L. 1957; amd. Sec. 3, Ch. 234, L. 1967; R.C.M. 1947, 67-1803.
2023 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) › 72-26-301. Repealed

72-26-301. Repealed.
Sec. 25, Ch. 102, L. 1985.
History: En. Sec. 5, Ch. 245, L. 1957; R.C.M. 1947, 67-1805(d).
2023 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) › 72-26-302. Repealed

72-26-302. Repealed.
Sec. 25, Ch. 102, L. 1985.
History: En. Sec. 4, Ch. 245, L. 1957; amd. Sec. 4, Ch. 234, L. 1967; amd. Sec. 12, Ch. 423, L. 1971; R.C.M. 1947, 67-1804.
2023 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.
2023 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).
2023 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).
2023 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.
2023 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).
2023 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.
2023 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).
2023 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).
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 Montana Code Annotated › Title 72. Estates, Trusts, and Fiduciary Relationships › Chapter 26. Uniform Transfers to Minors Act › Part 7. Administration by Custodian -- Liability › 72-26-705. Exemption of third person from liability

72-26-705. Exemption of third person from liability.
A third person in good faith and without court order may act on the instructions of or otherwise deal with any person purporting to make a transfer or purporting to act in the capacity of a custodian and, in the absence of knowledge, is not responsible for determining:
(1) the validity of the purported custodian's designation;
(2) the propriety of or the authority under this chapter for any act of the purported custodian;
(3) the validity or propriety under this chapter of any instrument or instructions executed or given either by the person purporting to make a transfer or by the purported custodian; or
(4) the propriety of the application of any property of the minor delivered to the purported custodian.
History: En. Sec. 18, Ch. 102, L. 1985.
2023 Montana Code Annotated › Title 72. Estates, Trusts, and Fiduciary Relationships › Chapter 26. Uniform Transfers to Minors Act › Part 7. Administration by Custodian -- Liability › 72-26-706. Liability to third persons

72-26-706. Liability to third persons.
(1) A claim may be asserted against the custodial property by proceeding against the custodian in the custodial capacity, whether or not the custodian or the minor is personally liable therefor when it is based on:
(a) a contract entered into by a custodian acting in a custodial capacity;
(b) an obligation arising from the ownership or control of custodial property; or
(c) a tort committed during the custodianship.
(2) A custodian is not personally liable:
(a) on a contract properly entered into in the custodial capacity unless the custodian fails to reveal that capacity and to identify the custodianship in the contract; or
(b) for an obligation arising from control of custodial property or for a tort committed during the custodianship unless the custodian is personally at fault.
(3) A minor is not personally liable for an obligation arising from ownership of custodial property or for a tort committed during the custodianship unless the minor is personally at fault.
History: En. Sec. 19, Ch. 102, L. 1985.
2023 Montana Code Annotated › Title 72. Estates, Trusts, and Fiduciary Relationships › Chapter 26. Uniform Transfers to Minors Act › Part 8. Renunciation, Resignation, Death, or Removal of Custodian -- Accounting -- Termination -- Successor › 72-26-802. Accounting by and determination of liability of custodian

72-26-802. Accounting by and determination of liability of custodian.
(1) A minor who has attained the age of 14 years, the minor's guardian of the person or legal representative, an adult member of the minor's family, a transferor, or a transferor's legal representative may petition the court:
(a) for an accounting by the custodian or the custodian's legal representative; or
(b) for a determination of responsibility, as between the custodial property and the custodian personally, for claims against the custodial property unless the responsibility has been adjudicated in an action under 72-26-706 to which the minor or the minor's legal representative was a party.
(2) A successor custodian may petition the court for an accounting by the predecessor custodian.
(3) The court, in a proceeding under this chapter or in any other proceeding, may require or permit the custodian or the custodian's legal representative to account.
(4) If a custodian is removed under 72-26-801(6), the court shall require an accounting and order delivery of the custodial property and records to the successor custodian and the execution of all instruments required for transfer of the custodial property.
History: En. Sec. 21, Ch. 102, L. 1985.
2023 Montana Code Annotated › Title 72. Estates, Trusts, and Fiduciary Relationships › Chapter 26. Uniform Transfers to Minors Act › Part 8. Renunciation, Resignation, Death, or Removal of Custodian -- Accounting -- Termination -- Successor › 72-26-803. Termination of custodianship

72-26-803. Termination of custodianship.
The custodian shall transfer in an appropriate manner the custodial property to the minor or to the minor's estate upon the earlier of:
(1) the minor's attainment of 21 years of age with respect to custodial property transferred under 72-26-604 or 72-26-605;
(2) the minor's attainment of 18 years of age with respect to custodial property transferred under 72-26-606 or 72-26-607; or
(3) the minor's death.
History: En. Sec. 22, Ch. 102, L. 1985.
2023 Montana Code Annotated › Title 72. Estates, Trusts, and Fiduciary Relationships › Chapter 27. Miscellaneous Provisions Relating to Trusts (Renumbered and Repealed) › Part 1. Charitable Trusts in Relation to Federal Tax Laws (Repealed) › 72-27-101. Repealed

72-27-101. Repealed.
Sec. 220, Ch. 685, L. 1989.
History: En. 86-707 by Sec. 1, Ch. 332, L. 1974; R.C.M. 1947, 86-707(1).
2023 Montana Code Annotated › Title 72. Estates, Trusts, and Fiduciary Relationships › Chapter 27. Miscellaneous Provisions Relating to Trusts (Renumbered and Repealed) › Part 1. Charitable Trusts in Relation to Federal Tax Laws (Repealed) › 72-27-102. Repealed

72-27-102. Repealed.
Sec. 220, Ch. 685, L. 1989.
History: En. 86-707 by Sec. 1, Ch. 332, L. 1974; R.C.M. 1947, 86-707(2).
2023 Montana Code Annotated › Title 72. Estates, Trusts, and Fiduciary Relationships › Chapter 27. Miscellaneous Provisions Relating to Trusts (Renumbered and Repealed) › Part 2. Prearranged Funeral Plans and Related Services -- Mandatory Trust (Renumbered) › 72-27-201. Renumbered 72-37-101

72-27-201. Renumbered 72-37-101.
Code Commissioner, 1989.
2023 Montana Code Annotated › Title 72. Estates, Trusts, and Fiduciary Relationships › Chapter 27. Miscellaneous Provisions Relating to Trusts (Renumbered and Repealed) › Part 2. Prearranged Funeral Plans and Related Services -- Mandatory Trust (Renumbered) › 72-27-202. Renumbered 72-37-102

72-27-202. Renumbered 72-37-102.
Code Commissioner, 1989.
2023 Montana Code Annotated › Title 72. Estates, Trusts, and Fiduciary Relationships › Chapter 27. Miscellaneous Provisions Relating to Trusts (Renumbered and Repealed) › Part 2. Prearranged Funeral Plans and Related Services -- Mandatory Trust (Renumbered) › 72-27-203. Renumbered 72-37-103

72-27-203. Renumbered 72-37-103.
Code Commissioner, 1989.
2023 Montana Code Annotated › Title 72. Estates, Trusts, and Fiduciary Relationships › Chapter 27. Miscellaneous Provisions Relating to Trusts (Renumbered and Repealed) › Part 2. Prearranged Funeral Plans and Related Services -- Mandatory Trust (Renumbered) › 72-27-204. Renumbered 72-37-104

72-27-204. Renumbered 72-37-104.
Code Commissioner, 1989.
2023 Montana Code Annotated › Title 72. Estates, Trusts, and Fiduciary Relationships › Chapter 30. Management of Institutional Funds › Part 1. General Provisions › 72-30-101. Short title

72-30-101. Short title.
This chapter may be cited as the "Uniform Prudent Management of Institutional Funds Act".
History: En. Sec. 10, Ch. 389, L. 1973; R.C.M. 1947, 86-809; amd. Sec. 1, Ch. 421, L. 2007.
2023 Montana Code Annotated › Title 72. Estates, Trusts, and Fiduciary Relationships › Chapter 30. Management of Institutional Funds › Part 1. General Provisions › 72-30-102. Definitions

72-30-102. Definitions.
In this chapter, the following definitions apply:
(1) "Charitable purpose" means the relief of poverty, the advancement of education or religion, the promotion of health, the promotion of a governmental purpose, or any other purpose the achievement of which is beneficial to the community.
(2) (a) "Endowment fund" means an institutional fund or any part of the fund that under the terms of a gift instrument or instrument of donor intent is not wholly expendable by the institution on a current basis.
(b) The term does not include assets that an institution designates as an endowment fund for its own use.
(3) "Gift instrument" means a record or records, including an institutional solicitation, under which property is granted to, transferred to, or held by an institution as an institutional fund.
(4) "Institution" means:
(a) a person, other than an individual, organized and operated exclusively for charitable purposes;
(b) a government or governmental subdivision, agency, or instrumentality to the extent that it holds funds exclusively for a charitable purpose; and
(c) a trust that had both charitable and noncharitable interests, after all noncharitable interests have terminated.
(5) (a) "Institutional fund" means a fund held by an institution exclusively for charitable purposes.
(b) The term does not include:
(i) program-related assets;
(ii) a fund held for an institution by a trustee that is not an institution; or
(iii) a fund in which a beneficiary that is not an institution has an interest, other than an interest that could arise upon violation or failure of the purposes of the fund.
(6) "Instrument of donor intent" means a record by a person that contributed property, pursuant to the provisions of this chapter that were in effect prior to October 1, 2007, setting forth the person's intention regarding investment or retention of the contributed property.
(7) "Person" means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, public corporation, government or governmental subdivision, agency, or instrumentality, or any other legal or commercial entity.
(8) "Program-related asset" means an asset held by an institution primarily to accomplish a charitable purpose of the institution and not primarily for investment.
(9) "Record" means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form.
History: En. Sec. 1, Ch. 389, L. 1973; R.C.M. 1947, 86-801(part); amd. Sec. 2, Ch. 421, L. 2007; amd. Sec. 1, Ch. 328, L. 2009.
2023 Montana Code Annotated › Title 72. Estates, Trusts, and Fiduciary Relationships › Chapter 30. Management of Institutional Funds › Part 1. General Provisions › 72-30-103. Uniformity of application and construction

72-30-103. Uniformity of application and construction.
In applying and construing this chapter, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among those states that enact it.
History: En. Sec. 9, Ch. 389, L. 1973; R.C.M. 1947, 86-808; amd. Sec. 3, Ch. 421, L. 2007.
2023 Montana Code Annotated › Title 72. Estates, Trusts, and Fiduciary Relationships › Chapter 30. Management of Institutional Funds › Part 2. Management of Funds › 72-30-201. Repealed

72-30-201. Repealed.
Sec. 11, Ch. 421, L. 2007.
History: En. Sec. 2, Ch. 389, L. 1973; R.C.M. 1947, 86-802.
2023 Montana Code Annotated › Title 72. Estates, Trusts, and Fiduciary Relationships › Chapter 30. Management of Institutional Funds › Part 2. Management of Funds › 72-30-202. Repealed

72-30-202. Repealed.
Sec. 11, Ch. 421, L. 2007.
History: En. Sec. 1, Ch. 389, L. 1973; R.C.M. 1947, 86-801(part).
2023 Montana Code Annotated › Title 72. Estates, Trusts, and Fiduciary Relationships › Chapter 30. Management of Institutional Funds › Part 2. Management of Funds › 72-30-203. Repealed

72-30-203. Repealed.
Sec. 11, Ch. 421, L. 2007.
History: En. Sec. 3, Ch. 389, L. 1973; R.C.M. 1947, 86-803.
2023 Montana Code Annotated › Title 72. Estates, Trusts, and Fiduciary Relationships › Chapter 30. Management of Institutional Funds › Part 2. Management of Funds › 72-30-204. Repealed

72-30-204. Repealed.
Sec. 11, Ch. 421, L. 2007.
History: En. Sec. 4, Ch. 389, L. 1973; R.C.M. 1947, 86-804; amd. Sec. 34, Ch. 6, L. 1979.
2023 Montana Code Annotated › Title 72. Estates, Trusts, and Fiduciary Relationships › Chapter 30. Management of Institutional Funds › Part 2. Management of Funds › 72-30-205. Repealed

72-30-205. Repealed.
Sec. 11, Ch. 421, L. 2007.
History: En. Sec. 5, Ch. 389, L. 1973; R.C.M. 1947, 86-805.
2023 Montana Code Annotated › Title 72. Estates, Trusts, and Fiduciary Relationships › Chapter 30. Management of Institutional Funds › Part 2. Management of Funds › 72-30-206. Repealed

72-30-206. Repealed.
Sec. 11, Ch. 421, L. 2007.
History: En. Sec. 6, Ch. 389, L. 1973; R.C.M. 1947, 86-806.
2023 Montana Code Annotated › Title 72. Estates, Trusts, and Fiduciary Relationships › Chapter 30. Management of Institutional Funds › Part 2. Management of Funds › 72-30-207. Release or modification of restrictions on management, investment, or purpose

72-30-207. Release or modification of restrictions on management, investment, or purpose.
(1) If the donor consents in a record, an institution may release or modify, in whole or in part, a restriction contained in a gift instrument or instrument of donor intent on the management, investment, or purpose of an institutional fund. A release or modification may not allow a fund to be used for a purpose other than a charitable purpose of the institution.
(2) The court, upon application of an institution, may modify a restriction contained in a gift instrument or instrument of donor intent regarding the management or investment of an institutional fund if the restriction has become impracticable or wasteful, if it impairs the management or investment of the fund, or if, because of circumstances not anticipated by the donor, a modification of a restriction will further the purposes of the fund. The institution shall notify the attorney general of the application, and the attorney general must be given an opportunity to be heard. To the extent practicable, any modification must be made in accordance with the donor's probable intention.
(3) If a particular charitable purpose or a restriction contained in a gift instrument or instrument of donor intent on the use of an institutional fund becomes unlawful, impracticable, impossible to achieve, or wasteful, the court, upon application of an institution, may modify the purpose of the fund or the restriction on the use of the fund in a manner consistent with the charitable purposes expressed in the gift instrument or instrument of donor intent. The institution shall notify the attorney general of the application, and the attorney general must be given an opportunity to be heard.
(4) If an institution determines that a restriction contained in a gift instrument or instrument of donor intent on the management, investment, or purpose of an institutional fund is unlawful, impracticable, impossible to achieve, or wasteful, the institution, 60 days after notification to the attorney general, may release or modify the restriction, in whole or part, if the institution uses the property in a manner consistent with the charitable purposes expressed in the gift instrument or instrument of donor intent and:
(a) the institutional fund subject to the restriction has a total value of less than $25,000; or
(b) more than 12 years have elapsed since the fund was established.
History: En. Sec. 7, Ch. 389, L. 1973; R.C.M. 1947, 86-807; amd. Sec. 4, Ch. 421, L. 2007; amd. Sec. 2, Ch. 328, L. 2009; amd. Sec. 1, Ch. 267, L. 2021.
2023 Montana Code Annotated › Title 72. Estates, Trusts, and Fiduciary Relationships › Chapter 30. Management of Institutional Funds › Part 2. Management of Funds › 72-30-210. Delegation of management and investment functions

72-30-210. Delegation of management and investment functions.
(1) Subject to any specific limitation set forth in a gift instrument, in an instrument of donor intent, or in law other than this chapter, an institution may delegate to an external agent the management and investment of an institutional fund to the extent that an institution could prudently delegate under the circumstances. An institution shall act in good faith, with the care that an ordinarily prudent person in a like position would exercise under similar circumstances, in:
(a) selecting an agent;
(b) establishing the scope and terms of the delegation, consistent with the purposes of the institution and the institutional fund; and
(c) periodically reviewing the agent's actions in order to monitor the agent's performance and compliance with the scope and terms of the delegation.
(2) In performing a delegated function, an agent owes a duty to the institution to exercise reasonable care to comply with the scope and terms of the delegation.
(3) An institution that complies with subsection (1) is not liable for the decisions or actions of an agent to which the function was delegated.
(4) By accepting delegation of a management or investment function from an institution that is subject to the laws of this state, an agent submits to the jurisdiction of the courts of this state in all proceedings arising from or related to the delegation or the performance of the delegated function.
(5) An institution may delegate management and investment functions to its committees, officers, or employees as authorized by law of this state other than this chapter.
History: En. Sec. 7, Ch. 421, L. 2007; amd. Sec. 5, Ch. 328, L. 2009.
2023 Montana Code Annotated › Title 72. Estates, Trusts, and Fiduciary Relationships › Chapter 30. Management of Institutional Funds › Part 2. Management of Funds › 72-30-211. Reviewing compliance

72-30-211. Reviewing compliance.
Compliance with this chapter is determined in light of the facts and circumstances existing at the time a decision is made or action is taken and not by hindsight.
History: En. Sec. 8, Ch. 421, L. 2007.
2023 Montana Code Annotated › Title 72. Estates, Trusts, and Fiduciary Relationships › Chapter 30. Management of Institutional Funds › Part 2. Management of Funds › 72-30-212. Application to existing institutional funds

72-30-212. Application to existing institutional funds.
This chapter applies to institutional funds existing on or established after October 1, 2007. As applied to institutional funds existing on October 1, 2007, this chapter governs only decisions made or actions taken on or after that date.
History: En. Sec. 9, Ch. 421, L. 2007.