72-31-346. Estates, trusts, and other beneficial interests. (1) In this section, "estate, trust, or other beneficial interest" means a trust, probate estate, guardianship, conservatorship, escrow, or custodianship or a fund from which the principal is, may become, or claims to be entitled to a share or payment.
(2) Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to an estate, trust, or other beneficial interest authorizes the agent to:
(a) accept, receive, receipt for, sell, assign, pledge, or exchange a share in or payment from the fund;
(b) demand or obtain money or another thing of value to which the principal is, may become, or claims to be entitled by reason of the fund, by litigation or otherwise;
(c) exercise for the benefit of the principal a presently exercisable general power of appointment held by the principal;
(d) initiate, participate in, submit to alternative dispute resolution, settle, oppose, or propose or accept a compromise with respect to litigation to ascertain the meaning, validity, or effect of a deed, will, declaration of trust, or other instrument or transaction affecting the interest of the principal;
(e) initiate, participate in, submit to alternative dispute resolution, settle, oppose, or propose or accept a compromise with respect to litigation to remove, substitute, or surcharge a fiduciary;
(f) conserve, invest, disburse, or use anything received for an authorized purpose; and
(g) transfer an interest of the principal in real property, stocks and bonds, accounts with financial institutions or securities intermediaries, insurance, annuities, and other property to the trustee of a revocable trust created by the principal as settlor.
History: En. Sec. 8, Ch. 580, L. 1991; amd. Sec. 123, Ch. 494, L. 1993; Sec. 72-31-208, MCA 1991; redes. 72-31-231 by Code Commissioner, 1993; amd. Sec. 37, Ch. 109, L. 2011; Sec. 72-31-231, MCA 2009; redes. 72-31-346 by Code Commissioner, 2011.
Structure Montana Code Annotated
Title 72. Estates, Trusts, and Fiduciary Relationships
Chapter 31. Miscellaneous Provisions Relating to Fiduciaries
Part 3. Uniform Power of Attorney Act
72-31-304. Power of attorney is durable
72-31-305. Execution of power of attorney
72-31-306. Validity of power of attorney
72-31-307. Meaning and effect of power of attorney
72-31-308. Nomination of conservator or guardian -- relation of agent to court-appointed fiduciary
72-31-309. When power of attorney effective
72-31-310. Termination of power of attorney or agent's authority
72-31-311. through 72-31-315 reserved
72-31-316. Coagents or successor agents
72-31-317. Reimbursement and compensation of agent
72-31-320. Exoneration of agent
72-31-323. Agent's resignation -- notice
72-31-324. Acceptance of and reliance upon acknowledged power of attorney
72-31-325. Liability for refusal to accept acknowledged power of attorney
72-31-326. Principles of law and equity
72-31-327. Laws applicable to financial institutions and entities
72-31-328. Remedies under other law
72-31-329. through 72-31-335 reserved
72-31-336. Authority that requires specific grant -- grant of general authority
72-31-337. Incorporation of authority
72-31-338. Construction of authority generally
72-31-340. Tangible personal property
72-31-342. Commodities and options
72-31-343. Banks and other financial institutions
72-31-344. Operation of entity or business
72-31-345. Insurance and annuities
72-31-346. Estates, trusts, and other beneficial interests
72-31-347. Claims and litigation
72-31-348. Personal and family maintenance
72-31-349. Benefits from governmental programs or civil or military service
72-31-353. Statutory form power of attorney
72-31-354. Agent's certification
72-31-355. through 72-31-364 reserved
72-31-365. Uniformity of application and construction
72-31-366. Relation to Electronic Signatures in Global and National Commerce Act