Montana Statutes
§ 15-62-301 — Family Education Savings Trust
15-62-301 . Family education savings trust.
(1)There is a family education savings trust that is an instrumentality of the state and that is created for a public purpose.
(2)The assets of the trust consist of investments and earnings on investments of funds received by the program as contributions to accounts and amounts transferred to the trust from accounts established prior to October 1, 2005, pursuant to subsection (3).
(3)In accordance with the instructions of the account owner, the trustee shall invest funds contributed to each account in permitted investment products as provided in this chapter. The trustee or a financial institution acting as an agent of the trustee shall pay or apply funds from each account for qualified withdrawals, nonqualified withdrawals, and withholdings.
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Legislative History
En. Sec. 1, Ch. 549, L. 2005; amd. Sec. 9, Ch. 349, L. 2021.
Nearby Sections
15
§ 15-62-101
Short Title§ 15-62-103
Definitions§ 15-62-202
Changes In Designated Beneficiary§ 15-62-204
Repealed§ 15-62-206
Limitations§ 15-62-207
Deductions For Contributions§ 15-62-209
Access To Records§ 15-62-210
Exemption From Claims Of Creditors§ 15-62-301
Family Education Savings Trust§ 15-62-302
Repealed