Montana Code 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.
Terms Used In Montana Code 72-26-503
- 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. See Montana Code 72-26-502
- Custodian: means a person so designated under 72-26-603 or a successor or substitute custodian designated under 72-26-801. See Montana Code 72-26-502
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Minor: means an individual who has not attained the age of 21 years. See Montana Code 72-26-502
- Person: means an individual, corporation, organization, or other legal entity. See Montana Code 72-26-502
- Property: means real and personal property. See Montana Code 1-1-205
- 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. See Montana Code 72-26-502
- Transfer: means a transaction that creates custodial property under 72-26-603. See Montana Code 72-26-502
- Transferor: means a person who makes a transfer under this chapter. See Montana Code 72-26-502
(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.