Montana Code 72-34-448. Disbursements from income
72-34-448. Disbursements from income. A trustee shall make the following disbursements from income to the extent that they are not disbursements to which 72-34-428(3)(b) or (3)(c) applies:
Terms Used In Montana Code 72-34-448
- Income: means money or property that a fiduciary receives as current return from a principal asset. See Montana Code 72-34-422
- Income interest: means the right of an income beneficiary to receive all or part of net income, whether the trust requires it to be distributed or authorizes it to be distributed in the trustee's discretion. See Montana Code 72-34-422
- Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
- Property: means real and personal property. See Montana Code 1-1-205
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- Trustee: A person or institution holding and administering property in trust.
(1)except as otherwise ordered by the court, one-half of the regular compensation of the trustee and of any person providing investment advisory or custodial services to the trustee;
(2)except as otherwise ordered by the court, one-half of all expenses for accountings, judicial proceedings, or other matters that involve both the income and remainder interests;
(3)all of the other ordinary expenses incurred in connection with the administration, management, or preservation of trust property and the distribution of income, including interest, ordinary repairs, regularly recurring taxes assessed against principal, and expenses of a proceeding or other matter that concerns primarily the income interest; and
(4)all recurring premiums on insurance covering the loss of a principal asset or the loss of income from or use of the asset.