Montana Code 72-38-501. Rights of beneficiary’s creditor or assignee
Current as of: 2023 | Check for updates
|
Other versions
72-38-501. Rights of beneficiary‘s creditor or assignee. To the extent a beneficiary‘s interest is not subject to a spendthrift provision, the court may authorize a creditor or assignee of the beneficiary to reach the beneficiary’s interest by attachment of present or future distributions to or for the benefit of the beneficiary or other means. The court may limit the award to the relief that is appropriate under the circumstances.
Terms Used In Montana Code 72-38-501
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- 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
- Spendthrift provision: means a term of a trust that restrains both voluntary and involuntary transfer of a beneficiary's interest. See Montana Code 72-38-103