Montana Code 32-1-703. Common trust fund allowed
32-1-703. Common trust fund allowed. (1) Any bank or trust company qualified to act as fiduciary in this state may establish and administer common trust funds composed of property permitted by law for the investment of trust funds for the purpose of furnishing investments to:
Terms Used In Montana Code 32-1-703
- bank: as used in this chapter means any corporation that has been incorporated to conduct the business of receiving money on deposit or transacting a trust or investment business, as defined in this chapter. See Montana Code 32-1-102
- Fiduciary: A trustee, executor, or administrator.
- Property: means real and personal property. See Montana Code 1-1-205
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
- Statute: A law passed by a legislature.
(a)itself as fiduciary;
(b)itself and others as cofiduciaries;
(c)any affiliated bank or trust company, including any foreign affiliated bank or trust company, as fiduciary;
(d)any affiliated bank or trust company, including any foreign affiliated bank or trust company, and others as cofiduciaries; or
(e)any combination of the entities listed in subsections (1)(a) through (1)(d).
(2)Any bank or trust company may, as that fiduciary or cofiduciary, invest funds which it lawfully holds for investment in interests in the common trust funds administered by itself or by any affiliated bank or trust company if the investment is not prohibited by the instrument, judgment, decree, order, or statute creating and governing such fiduciary relationship and if, in the case of cofiduciaries, the bank or trust company procures the consent of its cofiduciaries to the investment.