Montana Code 72-38-826. Disposition of property upon termination of a charitable trust, private foundation, or split-interest trust
72-38-826. Disposition of property upon termination of a charitable trust, private foundation, or split-interest trust. At the termination of a charitable trust, private foundation organized as a trust, or any other trust described in section 501(c)(3) of the Internal Revenue Code, the trust property must be distributed for one or more exempt purposes or to organizations that are organized and operated exclusively for exempt purposes within the meaning of section 501(c)(3) of the Internal Revenue Code or must be distributed to the federal government or to a state or local government for a public purpose. At the termination of a split-interest trust, the charitable portion of the trust property must be distributed to one or more organizations described in sections 170(c), 2055(a), and 2522(a) of the Internal Revenue Code.
Terms Used In Montana Code 72-38-826
- Charitable trust: means a trust or portion of a trust created for a charitable purpose described in 72-38-405(1). 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
- State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Montana Code 72-38-103