Montana Code 15-62-301. Family education savings trust
15-62-301. Family education savings trust. (1) There is a family education savings trust that is an instrumentality of the state and that is created for a public purpose.
Terms Used In Montana Code 15-62-301
- Account: means an individual account established under this chapter. See Montana Code 15-62-103
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Financial institution: means any bank, commercial bank, national bank, savings bank, savings and loan association, credit union, insurance company, trust company, investment company, or other similar entity that is authorized to do business in this state. See Montana Code 15-62-103
- Investment products: means , without limitation, certificates of deposit, savings accounts paying fixed or variable interest, financial instruments, one or more mutual funds, and a mix of mutual funds. See Montana Code 15-62-103
- Program: means the family education savings program established pursuant to 15-62-201. See Montana Code 15-62-103
- 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
- Trust: means the family education savings trust established by 15-62-301. See Montana Code 15-62-103
- Trustee: A person or institution holding and administering property in trust.
- Trustee: means the board in its capacity as trustee of the trust. See Montana Code 15-62-103
(2)The assets of the trust consist of investments and earnings on investments of funds received by the program as contributions to accounts and amounts transferred to the trust from accounts established prior to October 1, 2005, pursuant to subsection (3).
(3)In accordance with the instructions of the account owner, the trustee shall invest funds contributed to each account in permitted investment products as provided in this chapter. The trustee or a financial institution acting as an agent of the trustee shall pay or apply funds from each account for qualified withdrawals, nonqualified withdrawals, and withholdings.