Montana Code 71-1-306. Qualifications of trustee — successor trustee
71-1-306. Qualifications of trustee — successor trustee. (1) The trustee of a trust indenture under this part must be:
Terms Used In Montana Code 71-1-306
- 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
- Title insurance producer: means a person who holds a valid title insurance producer's license and is authorized in writing by a title insurer to:
(i)solicit title insurance business;
(ii)collect rates;
(iii)determine insurability in accordance with underwriting rules and standards of the insurer; or
(iv)issue policies of the title insurer. See Montana Code 71-1-303
- Title insurer: means an insurer formed and authorized under the laws of this state to transact the business of title insurance in this state or a foreign or alien insurer authorized to transact title insurance in this state. See Montana Code 71-1-303
- Trust indenture: means an indenture executed in conformity with this part and conveying real property to a trustee in trust to secure the performance of an obligation of the grantor or other person named in the indenture to a beneficiary. See Montana Code 71-1-303
- Trustee: A person or institution holding and administering property in trust.
- Trustee: means a person to whom the legal title to real property is conveyed by a trust indenture or the person's successor in interest. See Montana Code 71-1-303
- United States: includes the District of Columbia and the territories. See Montana Code 1-1-201
(a)an attorney who is licensed to practice law in Montana;
(b)a bank, trust company, or savings and loan association authorized to do business in Montana under the laws of Montana or the United States; or
(c)a title insurer or title insurance producer or agency authorized to do business in Montana under the laws of Montana.
(2)The beneficiary may appoint a successor trustee at any time by filing for record, in the office of the clerk and recorder of each county in which the trust property or some part of the trust property is situated, a substitution of trustee. The substitution must identify the trust indenture by stating the names of the original parties to the trust indenture and the date of recordation and the book and page where the information is recorded, must state the name and mailing address of the new trustee, and must be executed and acknowledged by all of the beneficiaries designated in the trust indenture or their successors in interest. From the time the substitution is filed for record, the new trustee is vested with all the power, duties, authority, and title of the trustee named in the trust indenture and of any successor trustee.