72-37-102. Deposit of money -- trust fund. (1) Within 30 days after receipt, the party to the contract holding said money in trust according to 72-37-101 shall deposit said money in a banking institution or invest said money in the stock of a savings or building and loan association organized under the laws of the state of Montana or of the United States of America and having its principal place of business in the state, the deposits of which banking institution or the stock liability of which savings or building and loan association are insured by an instrumentality of the federal government.
     (2) Said deposits or investments shall be and constitute a trust fund for the benefit of the person who has contracted for such property and services upon his death. Such money shall be deposited in a separate account in the name of the depositor as trustee for the person who has contracted for such property and services upon his death.

     History: En. Sec. 2, Ch. 232, L. 1953; R.C.M. 1947, 86-702; Sec. 72-27-202, MCA 1987; redes. 72-37-102 by Code Commissioner, 1989.