Montana Uniform Trust Code
Montana · Estates, Trusts, and Fiduciary Relationships · §§ 72-38-1001 to 72-38-906 · 139 sections
Overview
This act provides a general statutory framework for the creation, administration, and enforcement of trusts, setting out default rules that yield to the terms of the trust alongside a narrower set of mandatory rules that cannot be overridden, with the common law of trusts and principles of equity continuing to supplement it. It covers such matters as governing law and the principal place of administration, notice to beneficiaries and who is entitled to receive it, rules of construction, and the recognition of resulting and constructive trusts. It also governs the consequences of a trustee's conduct — remedies and damages for breach of trust, attorney fees, time limits on actions against a trustee, exculpation clauses and beneficiary consent or release, limits on a trustee's personal liability to third parties, and protection for those who deal with a trustee in reliance on a certification of trust — while allowing interested parties to resolve certain questions among themselves through nonjudicial settlement agreements rather than in court.
Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.
In the courts
Sections of this act have been cited in 2 court decisions.
Most-cited authority: 532 SW3D 243 - Wade Harvey, Ex Rel. Alexis Breanna Gladden v. Cumberland Trust And Investment Company
Sections covered
- Mont. Code Ann. § 72-38-1001Remedies for breach of trust
- Mont. Code Ann. § 72-38-1002Damages for breach of trust
- Mont. Code Ann. § 72-38-1003Damages in absence of breach
- Mont. Code Ann. § 72-38-1004Attorney fees and costs
- Mont. Code Ann. § 72-38-1005Limitation of action against trustee
- Mont. Code Ann. § 72-38-1006Reliance on trust instrument
- Mont. Code Ann. § 72-38-1007Event affecting administration or distribution
- Mont. Code Ann. § 72-38-1008Exculpation of trustee
- Mont. Code Ann. § 72-38-1009Beneficiary's consent, release, or ratification
- Mont. Code Ann. § 72-38-101Short title1 cite
- Mont. Code Ann. § 72-38-1010Limitation on personal liability of trustee
- Mont. Code Ann. § 72-38-1011Interest as general partner
- Mont. Code Ann. § 72-38-1012Protection of person dealing with trustee
- Mont. Code Ann. § 72-38-1013Certification of trust
- Mont. Code Ann. § 72-38-102Scope
- Mont. Code Ann. § 72-38-103Definitions
- Mont. Code Ann. § 72-38-104Knowledge
- Mont. Code Ann. § 72-38-105Default and mandatory rules
- Mont. Code Ann. § 72-38-106Common law of trusts -- principles of equity
- Mont. Code Ann. § 72-38-107Governing law
- Mont. Code Ann. § 72-38-108Principal place of administration
- Mont. Code Ann. § 72-38-109Methods and waiver of notice
- Mont. Code Ann. § 72-38-110Others treated as qualified beneficiaries
- Mont. Code Ann. § 72-38-1101Uniformity of application and construction
- Mont. Code Ann. § 72-38-1102Electronic records and signatures
- Mont. Code Ann. § 72-38-1103Limit on charitable trust requirement
- Mont. Code Ann. § 72-38-1104through 72-38-1110 reserved
- Mont. Code Ann. § 72-38-111Nonjudicial settlement agreements
- Mont. Code Ann. § 72-38-1111Effects on real property transactions
- Mont. Code Ann. § 72-38-112Rules of construction
- Mont. Code Ann. § 72-38-113Insurable interest of trustee
- Mont. Code Ann. § 72-38-114through 72-38-119 reserved
- Mont. Code Ann. § 72-38-120Resulting trust upon failure of trust
- Mont. Code Ann. § 72-38-121Resulting trust upon full performance of trust
- Mont. Code Ann. § 72-38-122Purchase money resulting trust
- Mont. Code Ann. § 72-38-123Constructive trust
- Mont. Code Ann. § 72-38-124Resulting trusts -- constructive trusts -- statute of frauds
- Mont. Code Ann. § 72-38-125through 72-38-129 reserved
- Mont. Code Ann. § 72-38-130Scope and effect of part -- proposed action or inaction described
- Mont. Code Ann. § 72-38-131When use of notice authorized
- Mont. Code Ann. § 72-38-132Content of notice
- Mont. Code Ann. § 72-38-133Objection to proposed action or inaction -- petition -- liability of trustee
- Mont. Code Ann. § 72-38-134Procedures not required
- Mont. Code Ann. § 72-38-201Subject matter jurisdiction
- Mont. Code Ann. § 72-38-202Powers of court
- Mont. Code Ann. § 72-38-203Jurisdiction over trustees and beneficiaries
- Mont. Code Ann. § 72-38-204Basis of jurisdiction over trust, trust property, and trust parties
- Mont. Code Ann. § 72-38-205Venue1 cite
- Mont. Code Ann. § 72-38-206Rules of procedure in trust proceedings
- Mont. Code Ann. § 72-38-207Jury trial
- Mont. Code Ann. § 72-38-208Application
- Mont. Code Ann. § 72-38-209Notice -- method and time of giving
- Mont. Code Ann. § 72-38-210Waiver of notice
- Mont. Code Ann. § 72-38-211Pleadings -- when orders or notice binding one binds another -- representation
- Mont. Code Ann. § 72-38-212Additional notice
- Mont. Code Ann. § 72-38-213Petitioners -- grounds for petition
- Mont. Code Ann. § 72-38-214Commencement of proceedings
- Mont. Code Ann. § 72-38-215Dismissal of petition
- Mont. Code Ann. § 72-38-216Request for special notice
- Mont. Code Ann. § 72-38-217Request for copy of petition
- Mont. Code Ann. § 72-38-218Authority to make necessary orders -- temporary trustee
- Mont. Code Ann. § 72-38-219Appeal
- Mont. Code Ann. § 72-38-220Intermittent judicial intervention in trust administration
- Mont. Code Ann. § 72-38-221Enforcement of beneficiary's rights under charitable trust by attorney general
- Mont. Code Ann. § 72-38-301Representation -- basic effect
- Mont. Code Ann. § 72-38-302Representation by holder of general testamentary power of appointment
- Mont. Code Ann. § 72-38-303Representation by fiduciaries and parents
- Mont. Code Ann. § 72-38-304Representation by person having substantially identical interest
- Mont. Code Ann. § 72-38-305Appointment of representative
- Mont. Code Ann. § 72-38-401Methods of creating trust
- Mont. Code Ann. § 72-38-402Requirements for creation
- Mont. Code Ann. § 72-38-403Trusts created in other jurisdictions
- Mont. Code Ann. § 72-38-404Trust purposes
- Mont. Code Ann. § 72-38-405Charitable purposes -- enforcement
- Mont. Code Ann. § 72-38-406Creation of trust induced by fraud, duress, or undue influence
- Mont. Code Ann. § 72-38-407Statute of frauds
- Mont. Code Ann. § 72-38-408Trust for care of animal
- Mont. Code Ann. § 72-38-409Noncharitable trust without ascertainable beneficiary
- Mont. Code Ann. § 72-38-410Modification or termination of trust -- proceedings for approval or disapproval
- Mont. Code Ann. § 72-38-411Modification or termination of irrevocable trust by consent
- Mont. Code Ann. § 72-38-412Modification or termination because of unanticipated circumstances or inability to administer trust effectively
- Mont. Code Ann. § 72-38-413Cy pres
- Mont. Code Ann. § 72-38-414Modification or termination of uneconomic trust
- Mont. Code Ann. § 72-38-415Reformation to correct mistakes
- Mont. Code Ann. § 72-38-416Modification to achieve settlor's tax objectives
- Mont. Code Ann. § 72-38-417Combination and division of trusts
- Mont. Code Ann. § 72-38-501Rights of beneficiary's creditor or assignee
- Mont. Code Ann. § 72-38-502Spendthrift provision
- Mont. Code Ann. § 72-38-503reserved
- Mont. Code Ann. § 72-38-504Discretionary trusts -- effect of standard
- Mont. Code Ann. § 72-38-505Creditor's claim against settlor
- Mont. Code Ann. § 72-38-506Overdue distribution
- Mont. Code Ann. § 72-38-507Personal obligations of trustee
- Mont. Code Ann. § 72-38-601Capacity of settlor of revocable trust
- Mont. Code Ann. § 72-38-602Revocation or amendment of revocable trust
- Mont. Code Ann. § 72-38-603Settlor's powers -- powers of withdrawal
- Mont. Code Ann. § 72-38-604Limitation on action contesting validity of revocable trust -- distribution of trust property
- Mont. Code Ann. § 72-38-605Fees and expenses -- by whom paid
- Mont. Code Ann. § 72-38-606Separate writing identifying disposition of tangible personal property
- Mont. Code Ann. § 72-38-701Accepting or declining trusteeship
- Mont. Code Ann. § 72-38-702Trustee's bond
- Mont. Code Ann. § 72-38-703Cotrustees
- Mont. Code Ann. § 72-38-704Vacancy in trusteeship -- appointment of successor
- Mont. Code Ann. § 72-38-705Resignation of trustee
- Mont. Code Ann. § 72-38-706Removal of trustee
- Mont. Code Ann. § 72-38-707Delivery of property by former trustee
- Mont. Code Ann. § 72-38-708Compensation of trustee
- Mont. Code Ann. § 72-38-709Reimbursement of expenses
- Mont. Code Ann. § 72-38-801Duty to administer trust
- Mont. Code Ann. § 72-38-802Duty of loyalty
- Mont. Code Ann. § 72-38-803Impartiality
- Mont. Code Ann. § 72-38-804Prudent administration
- Mont. Code Ann. § 72-38-805Costs of administration
- Mont. Code Ann. § 72-38-806Trustee's skills
- Mont. Code Ann. § 72-38-807Delegation by trustee
- Mont. Code Ann. § 72-38-808Repealed
- Mont. Code Ann. § 72-38-809Control and protection of trust property
- Mont. Code Ann. § 72-38-810Recordkeeping and identification of trust property
- Mont. Code Ann. § 72-38-811Enforcement and defense claims
- Mont. Code Ann. § 72-38-812Collecting trust property
- Mont. Code Ann. § 72-38-813Duty to inform and report
- Mont. Code Ann. § 72-38-814Discretionary powers -- tax savings
- Mont. Code Ann. § 72-38-815General powers of trustee
- Mont. Code Ann. § 72-38-816Specific powers of trustee
- Mont. Code Ann. § 72-38-817Distribution upon termination
- Mont. Code Ann. § 72-38-818and 72-38-819 reserved
- Mont. Code Ann. § 72-38-820Definitions
- Mont. Code Ann. § 72-38-821Distribution under charitable trust or private foundation
- Mont. Code Ann. § 72-38-822Restrictions on trustees under charitable trust, private foundations, or split-interest trust
- Mont. Code Ann. § 72-38-823Exceptions applicable to split-interest trusts
- Mont. Code Ann. § 72-38-824Incorporation in trust instruments
- Mont. Code Ann. § 72-38-825Proceedings
- Mont. Code Ann. § 72-38-826Disposition of property upon termination of a charitable trust, private foundation, or split-interest trust
- Mont. Code Ann. § 72-38-901Prudent investor rule
- Mont. Code Ann. § 72-38-902Standard of care -- investments and management -- considerations
- Mont. Code Ann. § 72-38-903Diversification -- duty of trustee -- exception
- Mont. Code Ann. § 72-38-904Review of assets -- time for compliance
- Mont. Code Ann. § 72-38-905Compliance determinations -- standards
- Mont. Code Ann. § 72-38-906Interpretation of trust terms construing legal investments
Enacted in other states
Alabama, Colorado, Connecticut, District of Columbia, Hawaii, Kentucky, Massachusetts, Mississippi, North Carolina, North Dakota, Nebraska, New Jersey, New Mexico, Oklahoma, Oregon, Tennessee, West Virginia, Wyoming
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