Montana Code 72-38-122. Purchase money resulting trust
72-38-122. Purchase money resulting trust. (1) When a transfer of property is made to one person and the purchase price is paid by another, a resulting trust arises in favor of the person who paid the purchase price.
Terms Used In Montana Code 72-38-122
- 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
(2)Subsection (1) does not apply in any of the following circumstances:
(a)whenever the party paying the purchase price manifests an intention that no resulting trust should arise;
(b)whenever the transferee is a spouse, child, or other natural object of the bounty of the person who paid the purchase price; or
(c)whenever the transfer is made in order to accomplish an illegal purpose 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.
(3)Subsection (2)(b) does not apply if the party paying the purchase price manifested an intention that the transferee should not have the beneficial interest in the property.