Montana Code 72-40-103. Application — principal place of administration
72-40-103. Application — principal place of administration. (1) This part applies to a trust, whenever created, that has its principal place of administration in this state, subject to the following rules:
Terms Used In Montana Code 72-40-103
- 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.
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
- Trustee: A person or institution holding and administering property in trust.
(a)if the trust was created before October 1, 2021, this part applies only to a decision or action occurring on or after October 1, 2021; and
(b)if the principal place of administration of the trust is changed to this state on or after October 1, 2021, this part applies only to a decision or action occurring on or after the date of the change.
(2)Without precluding other means to establish a sufficient connection with the designated jurisdiction in a directed trust, terms of the trust that designate the principal place of administration of the trust are valid and controlling if:
(a)a principal place of business is located in or a trustee is a resident of the designated jurisdiction;
(b)a trust director’s principal place of business is located in or a trust director is a resident of the designated jurisdiction; or
(c)all or part of the administration occurs in the designated jurisdiction.