Montana Code Annotated — Title 15 (Taxation)
Mont. Code Ann. § 15-62-301
Family Education Savings Trust
15-62-301 . Family education savings trust.
# (1)
There is a family education savings trust that is an instrumentality of the state and that is created for a public purpose.
# (2)
The assets of the trust consist of investments and earnings on investments of funds received by the program as contributions to accounts and amounts transferred to the trust from accounts established prior to October 1, 2005, pursuant to subsection (3).
# (3)
In accordance with the instructions of the account owner, the trustee shall invest funds contributed to each account in permitted investment products as provided in this chapter. The trustee or a financial institution acting as an agent of the trustee shall pay or apply funds from each account for qualified withdrawals, nonqualified withdrawals, and withholdings.
Source: view the official text
In this chapter (15 sections)
- 15-62-101 · Short Title
- 15-62-102 · Family Education Savings Program Established -- Legislative…
- 15-62-103 · Definitions
- 15-62-201 · Program Requirements -- Establishment Of Account --…
- 15-62-202 · Changes In Designated Beneficiary
- 15-62-203 · Selection Of Financial Institution As Program Manager --…
- 15-62-204 · Repealed
- 15-62-205 · Scholarships And Financial Aid Provisions -- Exceptions
- 15-62-206 · Limitations
- 15-62-207 · Deductions For Contributions
- 15-62-208 · Tax On Certain Withdrawals Of Deductible Contributions
- 15-62-209 · Access To Records
- 15-62-210 · Exemption From Claims Of Creditors
- 15-62-301 · Family Education Savings Trust
- 15-62-302 · Repealed