Montana Code 72-38-707. Delivery of property by former trustee
72-38-707. Delivery of property by former trustee. (1) Unless a cotrustee remains in office or the court otherwise orders, and until the trust property is delivered to a successor trustee or other person entitled to it, a trustee who has resigned or been removed has the duties of a trustee and the powers necessary to protect the trust property.
Terms Used In Montana Code 72-38-707
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- 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
- Trustee: A person or institution holding and administering property in trust.
- Trustee: includes an original, additional, and successor trustee and a cotrustee. See Montana Code 72-38-103
(2)A trustee who has resigned or been removed shall proceed expeditiously to deliver the trust property within the trustee’s possession to the cotrustee, successor trustee, or other person entitled to it. If a trustee fails to deliver trust property as required in this subsection:
(a)the resigned or removed trustee is personally liable for the actual damages incurred as a result of the failure to deliver trust property; and
(b)the court, in its discretion, may order the resigned or removed trustee personally to pay the reasonable attorney fees incurred in enforcing the resigned or removed trustee’s duty to deliver trust property.