72-38-122. Purchase money resulting trust. (1) When a transfer of property is made to one person and the purchase price is paid by another, a resulting trust arises in favor of the person who paid the purchase price.
(2) Subsection (1) does not apply in any of the following circumstances:
(a) whenever the party paying the purchase price manifests an intention that no resulting trust should arise;
(b) whenever the transferee is a spouse, child, or other natural object of the bounty of the person who paid the purchase price; or
(c) whenever the transfer is made in order to accomplish an illegal purpose and the policy against unjust enrichment of the transferee is outweighed by the policy against giving relief to a person who has entered into an illegal transaction.
(3) Subsection (2)(b) does not apply if the party paying the purchase price manifested an intention that the transferee should not have the beneficial interest in the property.
History: En. Sec. 16, Ch. 264, L. 2013.
Structure Montana Code Annotated
Title 72. Estates, Trusts, and Fiduciary Relationships
Chapter 38. Montana Uniform Trust Code
72-38-105. Default and mandatory rules
72-38-106. Common law of trusts -- principles of equity
72-38-108. Principal place of administration
72-38-109. Methods and waiver of notice
72-38-110. Others treated as qualified beneficiaries
72-38-111. Nonjudicial settlement agreements
72-38-112. Rules of construction
72-38-113. Insurable interest of trustee
72-38-114. through 72-38-119 reserved
72-38-120. Resulting trust upon failure of trust
72-38-121. Resulting trust upon full performance of trust
72-38-122. Purchase money resulting trust
72-38-124. Resulting trusts -- constructive trusts -- statute of frauds
72-38-125. through 72-38-129 reserved
72-38-130. Scope and effect of part -- proposed action or inaction described
72-38-131. When use of notice authorized
72-38-133. Objection to proposed action or inaction -- petition -- liability of trustee