Montana § 72-38-113 Insurable Interest Of Trustee

Montana Statutes

§ 72-38-113 — Insurable Interest Of Trustee

Montana § 72-38-113

Title 72ESTATES, TRUSTS, AND FIDUCIARY RELATIONSHIPS

Ch. 38MONTANA UNIFORM TRUST CODE

Part 1General Provisions, Definitions, Constructive and Resulting Trusts, and Notice of Proposed Action by Trustee

This text of Montana § 72-38-113 (Insurable Interest Of Trustee) is published on Counsel Stack Legal Research, covering Montana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Mont. Code Ann. § 72-38-113 (2026).

Text

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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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 life of the insured as provided in 33-15-201 .