Montana Code 72-26-706. Liability to third persons
72-26-706. Liability to third persons. (1) A claim may be asserted against the custodial property by proceeding against the custodian in the custodial capacity, whether or not the custodian or the minor is personally liable therefor when it is based on:
Terms Used In Montana Code 72-26-706
- Contract: A legal written agreement that becomes binding when signed.
- Custodial property: means :
(a)any interest in property transferred to a custodian under this chapter; and
(b)the income from and proceeds of that interest in property. See Montana Code 72-26-502
- Custodian: means a person so designated under 72-26-603 or a successor or substitute custodian designated under 72-26-801. See Montana Code 72-26-502
- Minor: means an individual who has not attained the age of 21 years. See Montana Code 72-26-502
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Property: means real and personal property. See Montana Code 1-1-205
- Third persons: means all persons who are not parties to the obligation or transaction concerning which the phrase is used. See Montana Code 1-1-206
- Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
(a)a contract entered into by a custodian acting in a custodial capacity;
(b)an obligation arising from the ownership or control of custodial property; or
(c)a tort committed during the custodianship.
(2)A custodian is not personally liable:
(a)on a contract properly entered into in the custodial capacity unless the custodian fails to reveal that capacity and to identify the custodianship in the contract; or
(b)for an obligation arising from control of custodial property or for a tort committed during the custodianship unless the custodian is personally at fault.
(3)A minor is not personally liable for an obligation arising from ownership of custodial property or for a tort committed during the custodianship unless the minor is personally at fault.