Montana Code 53-25-113. Limitations
53-25-113. Limitations. (1) This chapter may not be construed to establish state residency for a person merely because the person is a designated beneficiary.
Terms Used In Montana Code 53-25-113
- Account: means an eligible participating account established under this chapter by or on behalf of an eligible individual. See Montana Code 53-25-103
- Agent: means one of the following persons acting on behalf of a designated beneficiary:
(a)a person acting under a power of attorney; or
(b)if no person holds a power of attorney, a parent or legal guardian of the designated beneficiary. See Montana Code 53-25-103
- Application: means a form executed by or on behalf of a prospective designated beneficiary to enter into a participating trust agreement and open an account. See Montana Code 53-25-103
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Contract: A legal written agreement that becomes binding when signed.
- Contribution: means a payment to an account for the benefit of a designated beneficiary. See Montana Code 53-25-103
- Contributor: means a person who makes a contribution to an account for the benefit of a designated beneficiary. See Montana Code 53-25-103
- Department: means the department of public health and human services provided for in 2-15-2201. See Montana Code 53-25-103
- Designated beneficiary: means the eligible individual on whose behalf an account is established. See Montana Code 53-25-103
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
- 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
(2)This chapter does not establish any obligation of this state or of an agency or instrumentality of this state to guarantee for the benefit of a designated beneficiary, agent, or contributor:
(a)the return of any amounts contributed to an account;
(b)the rate of interest or other return on an account; or
(c)the payment of interest or other return on an account.
(3)Under rules adopted by the department, each contract, application, and offering or disclosure document, and any other type of document identified by the department that may be used in connection with a contribution to an account, must clearly indicate that the account is not insured by the state and that the principal deposited and any investment return are not guaranteed by the state.