Montana Statutes
§ 72-38-113 — Insurable Interest Of Trustee
Montana·Title 72 ESTATES, TRUSTS, AND FIDUCIARY RELATIONSHIPS·Ch. 38 MONTANA UNIFORM TRUST CODE·Part 1 General Provisions, Definitions, Constructive and Resulting Trusts, and Notice of Proposed Action by Trustee
72-38-113 . Insurable interest of trustee.
(1)In this section, "settlor" means a person who executes a trust instrument. The term includes a person for which a fiduciary or agent is acting.
(2)A trustee of a trust has an insurable interest in the life of an individual insured under a life insurance policy that is owned by the trustee of the trust acting in a fiduciary capacity or that designates the trust itself as the owner if, on the date the policy is issued:
(a)the insured is:
(i)a settlor of the trust; or
(ii)an individual in whom a settlor of the trust has, or would have had if living at the time the policy was issued, an insurable interest; and
(b)the life insurance proceeds are primarily for the benefit of one or more trust beneficiaries who have an insurable interest in the
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Legislative History
En. Sec. 13, Ch. 264, L. 2013.
Nearby Sections
15
§ 72-38-1001
Remedies For Breach Of Trust§ 72-38-1002
Damages For Breach Of Trust§ 72-38-1003
Damages In Absence Of Breach§ 72-38-1004
Attorney Fees And Costs§ 72-38-1005
Limitation Of Action Against Trustee§ 72-38-1006
Reliance On Trust Instrument§ 72-38-1007
Event Affecting Administration Or Distribution§ 72-38-1008
Exculpation Of Trustee§ 72-38-1009
Beneficiary's Consent, Release, Or Ratification§ 72-38-101
Short Title§ 72-38-1010
Limitation On Personal Liability Of Trustee§ 72-38-1011
Interest As General Partner§ 72-38-1012
Protection Of Person Dealing With Trustee§ 72-38-1013
Certification Of Trust§ 72-38-102
Scope