71-1-306. Qualifications of trustee -- successor trustee. (1) The trustee of a trust indenture under this part shall be:
     (a) an attorney who is licensed to practice law in Montana;
     (b) a bank, trust company, or savings and loan association authorized to do business in Montana under the laws of Montana or the United States; or
     (c) a title insurer or title insurance agent or agency authorized to do business in Montana under the laws of Montana.
     (2) The beneficiary may appoint a successor trustee at any time by filing for record, in the office of the clerk and recorder of each county in which the trust property or some part thereof is situated, a substitution of trustee. The substitution shall identify the trust indenture by stating the names of the original parties thereto and the date of recordation and the book and page where the same is recorded, shall state the name and mailing address of the new trustee, and shall be executed and acknowledged by all of the beneficiaries designated in the trust indenture or their successors in interest. From the time the substitution is filed for record, the new trustee shall be vested with all the power, duties, authority, and title of the trustee named in the trust indenture and of any successor trustee.

     History: En. Sec. 5, Ch. 177, L. 1963; R.C.M. 1947, 52-405; amd. Sec. 1, Ch. 33, L. 1987.