Montana Code 19-2-803. Payment to custodian of minor beneficiary
19-2-803. Payment to custodian of minor beneficiary. (1) Except as provided in subsection (2), if any benefit from a system is payable to a minor, the benefit must be paid to one of the following:
Terms Used In Montana Code 19-2-803
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Dependent: A person dependent for support upon another.
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
- Trustee: A person or institution holding and administering property in trust.
(a)a surviving parent, if any;
(b)a parent awarded custody of the minor in a divorce proceeding;
(c)a custodian designated under Title 72, chapter 26;
(d)a guardian appointed pursuant to Title 72, chapter 5, part 2; or
(e)a conservator appointed pursuant to Title 72, chapter 5, part 4.
(2)When a system member has established a trust for a minor beneficiary, including a dependent child as defined under the provisions of Title 19, chapter 6, 9, or 13, then the benefit must be paid to the trustee of that trust.
(3)The payment must be in full and complete discharge and acquittance of the board and system on account of the benefit. The person receiving benefit payments pursuant to this section shall account to the minor for the money when the minor reaches the age of majority.