72-38-414. Modification or termination of uneconomic trust. (1) After notice to the qualified beneficiaries, the trustee of a trust consisting of trust property having a total value less than $100,000 may terminate the trust if the trustee concludes that the value of the trust property is insufficient to justify the cost of administration.
(2) The court may modify or terminate a trust or remove the trustee and appoint a different trustee if it determines that the value of the trust property is insufficient to justify the cost of administration.
(3) Upon termination of a trust under this section, the trustee shall distribute the trust property in a manner consistent with the purposes of the trust.
History: En. Sec. 63, Ch. 264, L. 2013.
Structure Montana Code Annotated
Title 72. Estates, Trusts, and Fiduciary Relationships
Chapter 38. Montana Uniform Trust Code
Part 4. Creation, Validity, Modification, and Termination of Trust
72-38-401. Methods of creating trust
72-38-402. Requirements for creation
72-38-403. Trusts created in other jurisdictions
72-38-405. Charitable purposes -- enforcement
72-38-406. Creation of trust induced by fraud, duress, or undue influence
72-38-408. Trust for care of animal
72-38-409. Noncharitable trust without ascertainable beneficiary
72-38-410. Modification or termination of trust -- proceedings for approval or disapproval
72-38-411. Modification or termination of irrevocable trust by consent
72-38-414. Modification or termination of uneconomic trust
72-38-415. Reformation to correct mistakes