Montana Farm And Ranch Risk Management Account -- Creation -- Administration

15-30-3004 . (Temporary) Montana farm and ranch risk management account -- creation -- administration.

# (1)

A Montana farm and ranch risk management account is a trust created or organized in the state for the exclusive benefit of the taxpayer. The account trustee must be a financial institution, other than an investment adviser, as defined in 15-62-103 , supervised by the United States or by the state of Montana. The trust must be created by written instrument.

# (2)

The trustee shall report to the department if a portion of a deposit is distributed within 6 months of the date of deposit.

# (3)

The assets of the trust must consist entirely of cash or of obligations that have adequate stated interest and that pay the interest at least annually.

# (4)

All income of the trust must be distributed currently to the grantor.

# (5)

The assets of the trust may not be commingled with other property except in a common trust fund or common investment fund. (Terminates on occurrence of contingency--sec. 9, Ch. 262, L. 2001.)

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