72-38-1012. Protection of person dealing with trustee. (1) A person other than a beneficiary who in good faith assists a trustee or who in good faith and for value deals with a trustee without knowledge that the trustee is exceeding or improperly exercising the trustee's powers is protected from liability as if the trustee properly exercised the power.
(2) A person other than a beneficiary who in good faith deals with a trustee is not required to inquire into the extent of the trustee's powers or the propriety of their exercise.
(3) A person who in good faith delivers assets to a trustee need not ensure their proper application.
(4) A person other than a beneficiary who in good faith assists a former trustee or who in good faith and for value deals with a former trustee without knowledge that the trusteeship has terminated is protected from liability as if the former trustee were still a trustee.
(5) Comparable protective provisions of other laws relating to commercial transactions or transfer of securities by fiduciaries prevail over the protection provided by this section.
History: En. Sec. 129, Ch. 264, L. 2013.
Structure Montana Code Annotated
Title 72. Estates, Trusts, and Fiduciary Relationships
Chapter 38. Montana Uniform Trust Code
Part 10. Liability of Trustees and Rights of Persons Dealing with Trustee
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
72-38-1010. Limitation on personal liability of trustee
72-38-1011. Interest as general partner