Montana Code 72-26-604. Transfer by gift or exercise of power of appointment
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72-26-604. Transfer by gift or exercise of power of appointment. A person may make a transfer by irrevocable gift to or the irrevocable exercise of a power of appointment in favor of a custodian for the benefit of a minor pursuant to 72-26-603.
Terms Used In Montana Code 72-26-604
- Custodian: means a person so designated under 72-26-603 or a successor or substitute custodian designated under 72-26-801. See Montana Code 72-26-502
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Minor: means an individual who has not attained the age of 21 years. See Montana Code 72-26-502
- Person: means an individual, corporation, organization, or other legal entity. See Montana Code 72-26-502
- Transfer: means a transaction that creates custodial property under 72-26-603. See Montana Code 72-26-502