Montana Code 72-38-903. Diversification — duty of trustee — exception
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72-38-903. Diversification — duty of trustee — exception. (1) Subject to subsection (2), in making and implementing investment decisions, the trustee has a duty to diversify the investments of the trust unless, under the circumstances, it is not prudent to do so.
Terms Used In Montana Code 72-38-903
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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)If trust assets include farm or ranch property, a closely held family business, timber interests, or interests in oil, gas, or minerals, the trustee may elect to retain those assets. A trustee’s exercise of discretion to retain assets of the character described in this subsection is not a breach of the trustee’s duty to diversify investments.