Montana Code 72-38-120. Resulting trust upon failure of trust
Current as of: 2023 | Check for updates
|
Other versions
72-38-120. Resulting trust upon failure of trust. When the owner of property gratuitously transfers it and manifests in the trust instrument an intention that the transferee should hold the property in trust but the trust fails, the transferee holds the trust estate as a resulting trust for the transferor or the transferor’s estate unless:
Terms Used In Montana Code 72-38-120
- Person: means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, government, governmental subdivision, agency, or instrumentality, public corporation, or any other legal or commercial entity. See Montana Code 72-38-103
- Property: means anything that may be the subject of ownership, whether real or personal, legal or equitable, or any interest therein. See Montana Code 72-38-103
- Trust instrument: means an instrument executed by the settlor that contains terms of the trust, including any amendments thereto. See Montana Code 72-38-103
(1)the transferor manifested in the trust instrument an intention that no resulting trust should arise; or
(2)the intended trust fails for illegality and the policy against unjust enrichment of the transferee is outweighed by the policy against giving relief to a person who has entered into an illegal transaction.