Montana Code 72-3-807. Classification of claims as to priority of payment
72-3-807. Classification of claims as to priority of payment. (1) If the applicable assets of the estate are insufficient to pay all claims in full, the personal representative shall make payment in the following order:
Terms Used In Montana Code 72-3-807
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Decedent: A deceased person.
- 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.
- 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
(a)costs and expenses of administration;
(b)reasonable funeral expenses and reasonable and necessary medical and hospital expenses of the last illness of the decedent, including compensation of persons attending the decedent;
(c)federal estate and Montana state estate taxes;
(d)debt for a current support obligation and past-due support for the decedent’s children pursuant to a support order as defined in 40-5-201;
(e)debts with preference under federal and Montana law;
(f)other federal and Montana state taxes;
(g)all other claims.
(2)A preference may not be given in the payment of any claim over any other claim of the same class, and a claim due and payable may not be entitled to a preference over claims not due.