Montana Code 15-30-3004. Montana farm and ranch risk management account — creation — administration
15-30-3004. (Temporary) Montana farm and ranch risk management account — creation — administration. (1) A Montana farm and ranch risk management account is a trust created or organized in the state for the exclusive benefit of the taxpayer. The account trustee must be a financial institution, other than an investment adviser, as defined in 15-62-103, supervised by the United States or by the state of Montana. The trust must be created by written instrument.
Terms Used In Montana Code 15-30-3004
- Account: means a Montana farm and ranch risk management account. See Montana Code 15-30-3002
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Grantor: The person who establishes a trust and places property into it.
- Property: means real and personal property. See Montana Code 1-1-205
- 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.
- United States: includes the District of Columbia and the territories. See Montana Code 1-1-201
(2)The trustee shall report to the department if a portion of a deposit is distributed within 6 months of the date of deposit.
(3)The assets of the trust must consist entirely of cash or of obligations that have adequate stated interest and that pay the interest at least annually.
(4)All income of the trust must be distributed currently to the grantor.
(5)The assets of the trust may not be commingled with other property except in a common trust fund or common investment fund. (Terminates on occurrence of contingency–sec. 9, Ch. 262, L. 2001.)