CHAPTER 34. TRUST CODE -- TRUST ADMINISTRATION
- Part 1. Duties of Trustees
- 72-34-101. Duty to administer trust.
- 72-34-102. Duties of trustee of revocable trust.
- 72-34-103. Duty of loyalty.
- 72-34-104. Renumbered .
- 72-34-105. Duty to avoid conflict of interest.
- 72-34-106. Duty not to undertake adverse trust.
- 72-34-107. Duty to take control of and preserve trust property.
- 72-34-108. Duty to make trust property productive.
- 72-34-109. Duty to dispose of improper investments.
- 72-34-110. Duty to keep trust property separate and identified.
- 72-34-111. Duty to enforce claims.
- 72-34-112. Duty to defend actions.
- 72-34-113. Duty not to delegate entire administration of trust.
- 72-34-114. Duty to use ordinary skill and prudence.
- 72-34-115. Duty to use special skills.
- 72-34-116. Duty with respect to cotrustees.
- 72-34-117. Certain actions and transactions not violations of duties.
- 72-34-118. Standard of care not affected by compensation.
- 72-34-119. and reserved.
- 72-34-121. Repealed.
- 72-34-122. and reserved.
- 72-34-124. Trustee's general duty to report information to beneficiaries.
- 72-34-125. Duty to report information about trust on request.
- 72-34-126. Duty to provide annual statement to income beneficiaries.
- 72-34-127. Exceptions to duty to report information and to provide annual statement.
- 72-34-128. Permissive accounts.
- 72-34-129. Discretionary powers to be exercised reasonably.
- 72-34-130. Standard for exercise of "absolute", "sole", or "uncontrolled" powers.
- Part 2. Duties of Trustees of Private Foundations, Charitable Trusts, and Split-Interest Trusts
- 72-34-201. Definitions.
- 72-34-202. Distribution under charitable trust or private foundation.
- 72-34-203. Restrictions on trustees under charitable trust, private foundations, or split-interest trust.
- 72-34-204. Exceptions applicable to split-interest trusts.
- 72-34-205. Incorporation in trust instruments.
- 72-34-206. Proceedings.
- 72-34-207. Disposition of property upon termination of 501(c)(3) trust.
- Part 3. Powers of Trustees
- 72-34-301. General powers of trustee.
- 72-34-302. Power of court to relieve trustee from restrictions on powers.
- 72-34-303. Exercise of powers subject to trustee's duties.
- 72-34-304. Application of rules governing trustees' powers.
- 72-34-305. reserved.
- 72-34-306. Collecting and holding property.
- 72-34-307. Receiving additions to trust.
- 72-34-308. Participation in business -- change in form of business.
- 72-34-309. Investments.
- 72-34-310. Investments in obligations of United States government.
- 72-34-311. Deposits.
- 72-34-312. through reserved.
- 72-34-316. Acquisition and disposition of property.
- 72-34-317. Management of property.
- 72-34-318. Encumbrances.
- 72-34-319. Repairs and alterations of property.
- 72-34-320. Development of land.
- 72-34-321. Leases.
- 72-34-322. Mineral leases.
- 72-34-323. Options.
- 72-34-324. and reserved.
- 72-34-326. Voting rights with respect to corporate shares, memberships, or property.
- 72-34-327. Payment of calls and assessments.
- 72-34-328. Stock subscriptions and conversions.
- 72-34-329. Consent to change in form of business -- voting trusts.
- 72-34-330. Holding securities in name of nominee.
- 72-34-331. Insurance.
- 72-34-332. Borrowing money.
- 72-34-333. through reserved.
- 72-34-336. Payment and settlement of claims.
- 72-34-337. Payment of taxes, trustee's compensation, and other expenses.
- 72-34-338. Loans to beneficiary.
- 72-34-339. Distribution to beneficiaries under legal disability.
- 72-34-340. Nature and value of distributions.
- 72-34-341. Hiring persons.
- 72-34-342. Execution and delivery of instruments.
- 72-34-343. Actions and proceedings.
- Part 4. Montana Uniform Principal and Income Act
- 72-34-401. Repealed.
- 72-34-402. Repealed.
- 72-34-403. Repealed.
- 72-34-404. Repealed.
- 72-34-405. Repealed.
- 72-34-406. Repealed.
- 72-34-407. Repealed.
- 72-34-408. Repealed.
- 72-34-409. Repealed.
- 72-34-410. Repealed.
- 72-34-411. Repealed.
- 72-34-412. Repealed.
- 72-34-413. through reserved.
- 72-34-416. Repealed.
- 72-34-417. through reserved.
- 72-34-421. Short title.
- 72-34-422. Definitions.
- 72-34-423. Allocation between principal and income -- impartial exercise of discretion.
- 72-34-424. Adjustments between principal and income.
- 72-34-425. Notice of proposed action -- objections by beneficiary -- liability of trustee -- proceedings.
- 72-34-426. Proceedings relating to adjustments -- remedy.
- 72-34-427. Application of part.
- 72-34-428. Rules applicable after decedent's death or termination of income interest.
- 72-34-429. Beneficiary's portion of net income -- maintenance of records -- distribution date.
- 72-34-430. Beneficiary's entitlement to net income -- assets subject to trust -- assets subject to successive income interest -- termination of income interest.
- 72-34-431. Allocation of income receipt or disbursement.
- 72-34-432. Undistributed income -- definition -- payment to beneficiary.
- 72-34-433. Allocation of receipts to income or principal -- entity defined.
- 72-34-434. Allocation of amounts received from specified trusts or estates.
- 72-34-435. Separate accounting records for business or other activity.
- 72-34-436. Amounts allocated to principal.
- 72-34-437. Amounts received from rental property allocation.
- 72-34-438. Interest on obligation to pay money -- allocation.
- 72-34-439. Life insurance policy proceeds -- proceeds of contracts insuring against certain losses -- allocation.
- 72-34-440. Insubstantial allocation -- allocation of entire amount to principal -- exceptions.
- 72-34-441. Payments characterized as interest or dividend -- allocation to income -- allocation of other payments -- excess allocation to income in order to obtain estate tax marital deduction.
- 72-34-442. Receipts from liquidating assets -- allocation.
- 72-34-443. Receipts from mineral interests and other natural resources -- allocation.
- 72-34-444. Receipts from sale of timber and related products -- allocation.
- 72-34-445. Increasing income in order to maintain marital deduction.
- 72-34-446. Transactions in derivatives -- allocations of receipts and disbursements -- options to buy or sell property -- allocation of amounts received or paid.
- 72-34-447. Payments from collateral financial assets and payments in exchange for interest in asset-backed security -- allocation.
- 72-34-448. Disbursements from income.
- 72-34-449. Disbursements from principal.
- 72-34-450. Assets subject to depreciation -- transfer from income to principal of portion of net cash receipts.
- 72-34-451. Transfer from income to principal in anticipation of principal disbursement.
- 72-34-452. Payment of taxes.
- 72-34-453. Adjustments between principal and income in certain cases.
- Part 5. Liability of Trustees to Beneficiaries
- 72-34-501. Breach of trust.
- 72-34-502. Trustee's liability to beneficiary for acts of agent.
- 72-34-503. Trustee's liability to beneficiary for acts of cotrustee.
- 72-34-504. Trustee's liability to beneficiary for acts of predecessor.
- 72-34-505. reserved.
- 72-34-506. Remedies for breach of trust.
- 72-34-507. Remedies for breach exclusively in equity.
- 72-34-508. Measure of liability for breach of trust.
- 72-34-509. Measure of liability for interest.
- 72-34-510. reserved.
- 72-34-511. Limitations on proceedings against trustee.
- 72-34-512. Exculpation of trustee.
- 72-34-513. Nonliability for following instructions under revocable trust.
- 72-34-514. Consent of beneficiary to relieve trustee of liability for breach of trust.
- 72-34-515. Discharge of trustee's liability by release or contract.
- 72-34-516. Discharge of trustee's liability by subsequent affirmance.
- 72-34-517. Nonliability for refusing to follow directions under revocable trust.
- Part 6. Montana Uniform Prudent Investor Act
- 72-34-601. Short title.
- 72-34-602. Compliance -- duty of trustee -- exception -- liability.
- 72-34-603. Standard of care -- investments and management -- considerations.
- 72-34-604. Duty to deal impartially with beneficiaries.
- 72-34-605. Diversification -- duty of trustee -- exception.
- 72-34-606. Review of assets -- time for compliance.
- 72-34-607. Costs -- incurrence.
- 72-34-608. Compliance determinations -- standards.
- 72-34-609. Delegation of investment and management functions -- standards of care -- trustees and agents -- liability -- jurisdiction.
- 72-34-610. Interpretation of trust terms construing legal investments.