Montana § 35-20-302 - Trustees Of Fund -- Appointment By District Court -- Qualifications -- Powers

§ 35-20-302. Trustees Of Fund -- Appointment By District Court -- Qualifications -- Powers

Trustees of fund -- appointment by district court -- qualifications -- powers. (1) Whenever at least $100 has been received by a cemetery corporation or association, either from the sale of lots or from direct payments of the corporation or association toward a fund by lot owners or otherwise, the trustees of that association shall immediately make application to the judge of the district court for the judicial district in which the cemetery for which the trust fund exists for the appointment of a trustee or of a board of trustees of the fund. The judge shall appoint a trustee or a board of trustees from a list submitted by the trustees of the association. The trust fund trustee or board must consist of not less than one or more than five persons, the exact number to rest in the discretion of the trustees of the association. (2) The trustee or the members of the board of trustees of the trust funds must be citizens and freeholders of the state of Montana during all the time they exercise the powers of the trust. Upon the election, appointment, and qualification of the trustees of the fund, all of the title to the funds included in the trust and all of the rights, powers, authorities, franchises, and trusts relating to the trust vest in the trustee or board. However, if any of those chosen and appointed as trustees fail to qualify within 30 days after their appointment, the rights, powers, authorities, franchises, and trusts vest in those who qualify. If any of those chosen and appointed fail to qualify within 30 days, a vacancy exists and the judge of the district court shall appoint a trustee to fill the vacancy from a list submitted by the trustees of the association. (3) The board of trustees of the association may nominate any bank that is authorized to act as a trust company in Montana under state or federal law to be trustee of the trust fund. In that case, the district court shall appoint the nominee that shall serve without bond but is required to make all reports and discharge all the duties and obligations required of individual trustees.