§ 72-34-401 Repealed
§ 72-34-402 Repealed
§ 72-34-403 Repealed
§ 72-34-404 Repealed
§ 72-34-405 Repealed
§ 72-34-406 Repealed
§ 72-34-407 Repealed
§ 72-34-408 Repealed
§ 72-34-409 Repealed
§ 72-34-410 Repealed
§ 72-34-411 Repealed
§ 72-34-412 Repealed
§ 72-34-416 Repealed
§ 72-34-421 Short title
§ 72-34-422 Definitions
§ 72-34-423 Allocation between principal and income — impartial exercise of discretion
§ 72-34-424 Adjustments between principal and income
§ 72-34-425 Notice of proposed action — objections by beneficiary — liability of trustee — proceedings
§ 72-34-426 Proceedings relating to adjustments — remedy
§ 72-34-427 Application of part
§ 72-34-428 Rules applicable after decedent’s death or termination of income interest
§ 72-34-429 Beneficiary’s portion of net income — maintenance of records — distribution date
§ 72-34-430 Beneficiary’s entitlement to net income — assets subject to trust — assets subject to successive income interest — termination of income interest
§ 72-34-431 Allocation of income receipt or disbursement
§ 72-34-432 Undistributed income — definition — payment to beneficiary
§ 72-34-433 Allocation of receipts to income or principal — entity defined
§ 72-34-434 Allocation of amounts received from specified trusts or estates
§ 72-34-435 Separate accounting records for business or other activity
§ 72-34-436 Amounts allocated to principal
§ 72-34-437 Amounts received from rental property allocation
§ 72-34-438 Interest on obligation to pay money — allocation
§ 72-34-439 Life insurance policy proceeds — proceeds of contracts insuring against certain losses — allocation
§ 72-34-440 Insubstantial allocation — allocation of entire amount to principal — exceptions
§ 72-34-441 Payments characterized as interest or dividend — allocation to income — allocation of other payments — excess allocation to income in order to obtain estate tax marital deduction
§ 72-34-442 Receipts from liquidating assets — allocation
§ 72-34-443 Receipts from mineral interests and other natural resources — allocation
§ 72-34-444 Receipts from sale of timber and related products — allocation
§ 72-34-445 Increasing income in order to maintain marital deduction
§ 72-34-446 Transactions in derivatives — allocations of receipts and disbursements — options to buy or sell property — allocation of amounts received or paid
§ 72-34-447 Payments from collateral financial assets and payments in exchange for interest in asset-backed security — allocation
§ 72-34-448 Disbursements from income
§ 72-34-449 Disbursements from principal
§ 72-34-450 Assets subject to depreciation — transfer from income to principal of portion of net cash receipts
§ 72-34-451 Transfer from income to principal in anticipation of principal disbursement
§ 72-34-452 Payment of taxes
§ 72-34-453 Adjustments between principal and income in certain cases
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Terms Used In Montana Code > Title 72 > Chapter 34 > Part 4 - Montana Uniform Principal and Income Act

  • Accounting period: means a calendar year unless another 12-month period is selected by a fiduciary. See Montana Code 72-34-422
  • Amortization: Paying off a loan by regular installments.
  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • 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
  • Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Decedent: A deceased person.
  • Donor: The person who makes a gift.
  • Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
  • Fiduciary: A trustee, executor, or administrator.
  • Fiduciary: means a personal representative or a trustee. See Montana Code 72-34-422
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Income: means money or property that a fiduciary receives as current return from a principal asset. See Montana Code 72-34-422
  • Income beneficiary: means a person to whom net income of a trust is or may be payable. See Montana Code 72-34-422
  • Income interest: means the right of an income beneficiary to receive all or part of net income, whether the trust requires it to be distributed or authorizes it to be distributed in the trustee's discretion. See Montana Code 72-34-422
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Mandatory income interest: means the right of an income beneficiary to receive net income that the trust requires the fiduciary to distribute. See Montana Code 72-34-422
  • Marital deduction: The deduction(s) that can be taken in the determination of gift and estate tax liabilities because of the existence of a marriage or marital relationship.
  • Net income: means the total receipts allocated to income during an accounting period minus the disbursements made from income during the accounting period, plus or minus transfers under this chapter to or from income during the accounting period. See Montana Code 72-34-422
  • 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.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
  • Property: means real and personal property. See Montana Code 1-1-205
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • 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
  • Testator: A male person who leaves a will at death.
  • Trustee: A person or institution holding and administering property in trust.
  • Writing: includes printing. See Montana Code 1-1-203