72-38-822. Restrictions on trustees under charitable trust, private foundations, or split-interest trust. During any period when a trust is considered to be a charitable trust, a private foundation, or a split-interest trust, the trustee may not do any of the following:
(1) engage in any act of self-dealing as defined in section 4941(d) of the Internal Revenue Code;
(2) retain any excess business holdings as defined in section 4943(c) of the Internal Revenue Code;
(3) make any investments in a manner that subjects the property of the trust to tax under section 4944 of the Internal Revenue Code; or
(4) make any taxable expenditure as defined in section 4945(d) of the Internal Revenue Code.
History: En. Sec. 107, Ch. 264, L. 2013.
Structure Montana Code Annotated
Title 72. Estates, Trusts, and Fiduciary Relationships
Chapter 38. Montana Uniform Trust Code
Part 8. Duties and Powers of Trustee
72-38-801. Duty to administer trust
72-38-804. Prudent administration
72-38-805. Costs of administration
72-38-807. Delegation by trustee
72-38-809. Control and protection of trust property
72-38-810. Recordkeeping and identification of trust property
72-38-811. Enforcement and defense claims
72-38-812. Collecting trust property
72-38-813. Duty to inform and report
72-38-814. Discretionary powers -- tax savings
72-38-815. General powers of trustee
72-38-816. Specific powers of trustee
72-38-817. Distribution upon termination
72-38-818. and 72-38-819 reserved
72-38-821. Distribution under charitable trust or private foundation
72-38-823. Exceptions applicable to split-interest trusts