Montana Code 72-38-409. Noncharitable trust without ascertainable beneficiary
72-38-409. Noncharitable trust without ascertainable beneficiary. Except as otherwise provided in 72-38-408 or by another statute, the following rules apply:
Terms Used In Montana Code 72-38-409
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Beneficiary: means a person who:
(a)has a present or future beneficial interest in a trust, vested or contingent; or
(b)in a capacity other than that of trustee, holds a power of appointment over trust property. See Montana Code 72-38-103
- 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
- Settlor: means a person, including a testator, who creates or contributes property to a trust. See Montana Code 72-38-103
- Statute: A law passed by a legislature.
(1)A trust may be created for a noncharitable purpose without a definite or definitely ascertainable beneficiary or for a noncharitable but otherwise valid purpose to be selected by the trustee. The trust may not be enforced for more than 21 years.
(2)A trust authorized by this section may be enforced by a person appointed in the terms of the trust or, if no person is so appointed, by a person appointed by the court.
(3)Property of a trust authorized by this section may be applied only to its intended use, except to the extent the court determines that the value of the trust property exceeds the amount required for the intended use. Except as otherwise provided in the terms of the trust, property not required for the intended use must be distributed to the settlor, if then living, and otherwise to the settlor’s successors in interest.