Fiduciary obligations and liabilities, bank or trust company maytransfer to another bank or trust company,procedure--definitions.
362.332. 1. As used in this section, the following words and phrasesshall mean:
(1) "Bank", any bank subject to the provisions of chapter 362, whichis duly authorized to exercise trust powers, and any national bank which isauthorized to exercise trust powers under the laws of the United States andwhich has its principal place of business in Missouri, including a nationalbank whose operations include providing trust and other fiduciary servicesand related activities;
(2) "Beneficiary", any person or entity which benefits from, or has apresent or future interest in, any money or property administered by aperson with a fiduciary obligation;
(3) "Director", the director of the division of finance;
(4) "Fiduciary obligation", any obligation of any bank or trustcompany to a person or entity resulting from an appointment, designation orundertaking to act alone or jointly with others primarily for the benefitof others in matters connected with such appointment, designation orundertaking, and including, but is not limited to, acting as a trustee of atrust, including a testamentary or nontestamentary trust, or a trustee of acommon trust fund; executor; administrator; personal representative;guardian; conservator; custodian; assignee; depositary; receiver;attorney-in-fact; registrar or transfer agent with respect to stocks, bondsor other evidences of indebtedness of any corporation, association, state,municipality, or public authority; agent, including escrow agent or agentfor the investment of money; or in any other similar capacity. The term"fiduciary obligation" includes any obligation occurring as a result of anappointment or designation to any foregoing capacity upon the death of aperson serving in such capacity or upon the happening of any other futureevent;
(5) "Transferee", a bank or trust company assuming fiduciaryobligations pursuant to this section from a transferor;
(6) "Transferor", a bank or trust company transferring fiduciaryobligations pursuant to this section to a transferee;
(7) "Trust company", any trust company or bank organized under thelaws of this state which is duly authorized to exercise trust powers.
2. Notwithstanding any other provision of law to the contrary, a bankor trust company may transfer by assignment to another bank or trustcompany any or all of the fiduciary obligations of such bank or trustcompany, without any order of or other action by any court or any consentor other approval of any interested person, except as provided insubsection 5 of this section, upon the prior approval of the director andprovided that the transferor and transferee comply with the provisions ofthis section. The assignment may encompass all fiduciary obligations, ageneral class or classes of fiduciary obligations, or specified individualaccounts or other particularly identified fiduciary obligations.
3. The transferor, transferee or any beneficiary on behalf of allbeneficiaries jointly shall file an application for approval of thetransfer of a fiduciary obligation with the director, and shall provide allrelevant information as the director may deem necessary. The transfereeshall also file proof with the director that the transferee has givenwritten notice by certified mail of the proposed transfer, including asummary of the provisions of subsection 5 of this section relating toobjections to the transfer of the fiduciary obligation, at least thirtydays and not more than sixty days prior to the filing of the application,to the transferor, all persons, firms, organizations or corporations whoare known to the applicant to be living or existing grantors under eachaffected trust or other fiduciary obligation, or if there is no such knownliving or existing grantor, to each living or existing beneficiary thereofknown to the transferee. If any living or existing grantor or any suchbeneficiary delivers to the applicant any communication regarding theproposed transfer, the applicant shall furnish the director with a copy ofsuch communication together with any accompanying documents. If thedirector determines that the transferee has the authority and is qualifiedto complete the fiduciary obligation, and that the transfer of thefiduciary obligation will not materially adversely affect the fiduciaryobligation, he shall issue an order approving the transfer of the fiduciaryobligation. If the director fails to approve or deny the transfer of thefiduciary obligation within thirty days of the date of the filing of theapplication with the director, the application shall be deemed approved bythe director.
4. If the director approves the transfer of a fiduciary obligation,within twenty days of the approval, the transferee shall publish a noticeof the transfer of the fiduciary obligation pursuant to this section in anewspaper of general circulation in the county or city where thetransferor's main banking house or principal place of business,respectively, is located. The transfer of the fiduciary obligation shallbe effective upon the thirtieth day after the date of such publicationexcept with respect to any fiduciary obligation which upon that date is thesubject of notice of objection made pursuant to subsection 5 of thissection.
5. Within thirty days after the publication of notice of approval bythe director of the transfer of a fiduciary obligation pursuant tosubsection 4 of this section, any grantor or beneficiary who was entitledto receive a written notice pursuant to subsection 3 of this section maygive written notice to the transferee objecting to the transfer of thefiduciary obligation in which such person has an interest. In order tocomplete the transfer, the transferee may petition the probate division ofthe circuit court of the county or city not within a county in which thenotice was published to determine whether the transfer of the fiduciarycapacity will materially adversely affect the administration of thefiduciary account. After notice to all interested parties and a hearing onthe issues, the circuit court may deny the relief sought by the petitioningtransferee and not transfer the fiduciary obligation to the petitioningtransferee, may appoint a new fiduciary to succeed the transferor if thecourt finds that the appointment of a new fiduciary is in the bestinterests of the beneficiaries of the fiduciary obligation but that thetransfer of the fiduciary obligation to the petitioning transferee willmaterially adversely affect the administration of the fiduciary account, orshall order the transferor to transfer by assignment the fiduciaryobligation to the petitioning transferee.
6. On the effective date of the transfer of a fiduciary obligationpursuant to this section, the transferor shall be released from alltransferred fiduciary obligations and all liability relating to suchtransferred fiduciary obligations, and shall cease to act regarding allsuch transferred fiduciary obligations, except that such transferor shallnot be relieved of any liabilities arising out of a breach of a fiduciaryobligation occurring prior to such effective date. The transferor shallfile an itemized accounting of all assets and liabilities in eachtransferred fiduciary account with the transferee upon the effective dateof the transfer. Notwithstanding the provision of any law or the provisionof any agreement to the contrary, the transferor shall not impose feesrelating to the transfer of the fiduciary obligation in excess of theactual cost to the transferor of the transfer of the fiduciary obligation.The failure by a bank or trust company to give any notice required bysubsection 3 of this section with respect to any fiduciary account shallnot affect the validity of the transfer of a fiduciary obligation pursuantto this section with respect to any other fiduciary obligation or account.
7. Any appointment or other designation of a bank or trust company toa fiduciary obligation in a trust, will or other instrument shall be deemedto be made based only on facts and circumstances in existence on the dateand at the time that the appointment or designation is made, and thedirector or a court, when considering the transfer of a fiduciaryobligation, shall consider whether the transferee has the authority tocomplete the fiduciary obligation and is qualified to do so, the effect ofthe transfer of the fiduciary obligation including whether the transfer ofthe fiduciary obligation will materially adversely affect the fiduciaryobligation, and whether the transfer of the fiduciary obligation is in thebest interests of the beneficiaries of the fiduciary obligation.
Fiduciary obligations and liabilities, bank or trust company maytransfer to another bank or trust company,procedure--definitions.
362.332. 1. As used in this section, the following words and phrasesshall mean:
(1) "Bank", any bank subject to the provisions of chapter 362, whichis duly authorized to exercise trust powers, and any national bank which isauthorized to exercise trust powers under the laws of the United States andwhich has its principal place of business in Missouri, including a nationalbank whose operations include providing trust and other fiduciary servicesand related activities;
(2) "Beneficiary", any person or entity which benefits from, or has apresent or future interest in, any money or property administered by aperson with a fiduciary obligation;
(3) "Director", the director of the division of finance;
(4) "Fiduciary obligation", any obligation of any bank or trustcompany to a person or entity resulting from an appointment, designation orundertaking to act alone or jointly with others primarily for the benefitof others in matters connected with such appointment, designation orundertaking, and including, but is not limited to, acting as a trustee of atrust, including a testamentary or nontestamentary trust, or a trustee of acommon trust fund; executor; administrator; personal representative;guardian; conservator; custodian; assignee; depositary; receiver;attorney-in-fact; registrar or transfer agent with respect to stocks, bondsor other evidences of indebtedness of any corporation, association, state,municipality, or public authority; agent, including escrow agent or agentfor the investment of money; or in any other similar capacity. The term"fiduciary obligation" includes any obligation occurring as a result of anappointment or designation to any foregoing capacity upon the death of aperson serving in such capacity or upon the happening of any other futureevent;
(5) "Transferee", a bank or trust company assuming fiduciaryobligations pursuant to this section from a transferor;
(6) "Transferor", a bank or trust company transferring fiduciaryobligations pursuant to this section to a transferee;
(7) "Trust company", any trust company or bank organized under thelaws of this state which is duly authorized to exercise trust powers.
2. Notwithstanding any other provision of law to the contrary, a bankor trust company may transfer by assignment to another bank or trustcompany any or all of the fiduciary obligations of such bank or trustcompany, without any order of or other action by any court or any consentor other approval of any interested person, except as provided insubsection 5 of this section, upon the prior approval of the director andprovided that the transferor and transferee comply with the provisions ofthis section. The assignment may encompass all fiduciary obligations, ageneral class or classes of fiduciary obligations, or specified individualaccounts or other particularly identified fiduciary obligations.
3. The transferor, transferee or any beneficiary on behalf of allbeneficiaries jointly shall file an application for approval of thetransfer of a fiduciary obligation with the director, and shall provide allrelevant information as the director may deem necessary. The transfereeshall also file proof with the director that the transferee has givenwritten notice by certified mail of the proposed transfer, including asummary of the provisions of subsection 5 of this section relating toobjections to the transfer of the fiduciary obligation, at least thirtydays and not more than sixty days prior to the filing of the application,to the transferor, all persons, firms, organizations or corporations whoare known to the applicant to be living or existing grantors under eachaffected trust or other fiduciary obligation, or if there is no such knownliving or existing grantor, to each living or existing beneficiary thereofknown to the transferee. If any living or existing grantor or any suchbeneficiary delivers to the applicant any communication regarding theproposed transfer, the applicant shall furnish the director with a copy ofsuch communication together with any accompanying documents. If thedirector determines that the transferee has the authority and is qualifiedto complete the fiduciary obligation, and that the transfer of thefiduciary obligation will not materially adversely affect the fiduciaryobligation, he shall issue an order approving the transfer of the fiduciaryobligation. If the director fails to approve or deny the transfer of thefiduciary obligation within thirty days of the date of the filing of theapplication with the director, the application shall be deemed approved bythe director.
4. If the director approves the transfer of a fiduciary obligation,within twenty days of the approval, the transferee shall publish a noticeof the transfer of the fiduciary obligation pursuant to this section in anewspaper of general circulation in the county or city where thetransferor's main banking house or principal place of business,respectively, is located. The transfer of the fiduciary obligation shallbe effective upon the thirtieth day after the date of such publicationexcept with respect to any fiduciary obligation which upon that date is thesubject of notice of objection made pursuant to subsection 5 of thissection.
5. Within thirty days after the publication of notice of approval bythe director of the transfer of a fiduciary obligation pursuant tosubsection 4 of this section, any grantor or beneficiary who was entitledto receive a written notice pursuant to subsection 3 of this section maygive written notice to the transferee objecting to the transfer of thefiduciary obligation in which such person has an interest. In order tocomplete the transfer, the transferee may petition the probate division ofthe circuit court of the county or city not within a county in which thenotice was published to determine whether the transfer of the fiduciarycapacity will materially adversely affect the administration of thefiduciary account. After notice to all interested parties and a hearing onthe issues, the circuit court may deny the relief sought by the petitioningtransferee and not transfer the fiduciary obligation to the petitioningtransferee, may appoint a new fiduciary to succeed the transferor if thecourt finds that the appointment of a new fiduciary is in the bestinterests of the beneficiaries of the fiduciary obligation but that thetransfer of the fiduciary obligation to the petitioning transferee willmaterially adversely affect the administration of the fiduciary account, orshall order the transferor to transfer by assignment the fiduciaryobligation to the petitioning transferee.
6. On the effective date of the transfer of a fiduciary obligationpursuant to this section, the transferor shall be released from alltransferred fiduciary obligations and all liability relating to suchtransferred fiduciary obligations, and shall cease to act regarding allsuch transferred fiduciary obligations, except that such transferor shallnot be relieved of any liabilities arising out of a breach of a fiduciaryobligation occurring prior to such effective date. The transferor shallfile an itemized accounting of all assets and liabilities in eachtransferred fiduciary account with the transferee upon the effective dateof the transfer. Notwithstanding the provision of any law or the provisionof any agreement to the contrary, the transferor shall not impose feesrelating to the transfer of the fiduciary obligation in excess of theactual cost to the transferor of the transfer of the fiduciary obligation.The failure by a bank or trust company to give any notice required bysubsection 3 of this section with respect to any fiduciary account shallnot affect the validity of the transfer of a fiduciary obligation pursuantto this section with respect to any other fiduciary obligation or account.
7. Any appointment or other designation of a bank or trust company toa fiduciary obligation in a trust, will or other instrument shall be deemedto be made based only on facts and circumstances in existence on the dateand at the time that the appointment or designation is made, and thedirector or a court, when considering the transfer of a fiduciaryobligation, shall consider whether the transferee has the authority tocomplete the fiduciary obligation and is qualified to do so, the effect ofthe transfer of the fiduciary obligation including whether the transfer ofthe fiduciary obligation will materially adversely affect the fiduciaryobligation, and whether the transfer of the fiduciary obligation is in thebest interests of the beneficiaries of the fiduciary obligation.
Fiduciary obligations and liabilities, bank or trust company maytransfer to another bank or trust company,procedure--definitions.
362.332. 1. As used in this section, the following words and phrasesshall mean:
(1) "Bank", any bank subject to the provisions of chapter 362, whichis duly authorized to exercise trust powers, and any national bank which isauthorized to exercise trust powers under the laws of the United States andwhich has its principal place of business in Missouri, including a nationalbank whose operations include providing trust and other fiduciary servicesand related activities;
(2) "Beneficiary", any person or entity which benefits from, or has apresent or future interest in, any money or property administered by aperson with a fiduciary obligation;
(3) "Director", the director of the division of finance;
(4) "Fiduciary obligation", any obligation of any bank or trustcompany to a person or entity resulting from an appointment, designation orundertaking to act alone or jointly with others primarily for the benefitof others in matters connected with such appointment, designation orundertaking, and including, but is not limited to, acting as a trustee of atrust, including a testamentary or nontestamentary trust, or a trustee of acommon trust fund; executor; administrator; personal representative;guardian; conservator; custodian; assignee; depositary; receiver;attorney-in-fact; registrar or transfer agent with respect to stocks, bondsor other evidences of indebtedness of any corporation, association, state,municipality, or public authority; agent, including escrow agent or agentfor the investment of money; or in any other similar capacity. The term"fiduciary obligation" includes any obligation occurring as a result of anappointment or designation to any foregoing capacity upon the death of aperson serving in such capacity or upon the happening of any other futureevent;
(5) "Transferee", a bank or trust company assuming fiduciaryobligations pursuant to this section from a transferor;
(6) "Transferor", a bank or trust company transferring fiduciaryobligations pursuant to this section to a transferee;
(7) "Trust company", any trust company or bank organized under thelaws of this state which is duly authorized to exercise trust powers.
2. Notwithstanding any other provision of law to the contrary, a bankor trust company may transfer by assignment to another bank or trustcompany any or all of the fiduciary obligations of such bank or trustcompany, without any order of or other action by any court or any consentor other approval of any interested person, except as provided insubsection 5 of this section, upon the prior approval of the director andprovided that the transferor and transferee comply with the provisions ofthis section. The assignment may encompass all fiduciary obligations, ageneral class or classes of fiduciary obligations, or specified individualaccounts or other particularly identified fiduciary obligations.
3. The transferor, transferee or any beneficiary on behalf of allbeneficiaries jointly shall file an application for approval of thetransfer of a fiduciary obligation with the director, and shall provide allrelevant information as the director may deem necessary. The transfereeshall also file proof with the director that the transferee has givenwritten notice by certified mail of the proposed transfer, including asummary of the provisions of subsection 5 of this section relating toobjections to the transfer of the fiduciary obligation, at least thirtydays and not more than sixty days prior to the filing of the application,to the transferor, all persons, firms, organizations or corporations whoare known to the applicant to be living or existing grantors under eachaffected trust or other fiduciary obligation, or if there is no such knownliving or existing grantor, to each living or existing beneficiary thereofknown to the transferee. If any living or existing grantor or any suchbeneficiary delivers to the applicant any communication regarding theproposed transfer, the applicant shall furnish the director with a copy ofsuch communication together with any accompanying documents. If thedirector determines that the transferee has the authority and is qualifiedto complete the fiduciary obligation, and that the transfer of thefiduciary obligation will not materially adversely affect the fiduciaryobligation, he shall issue an order approving the transfer of the fiduciaryobligation. If the director fails to approve or deny the transfer of thefiduciary obligation within thirty days of the date of the filing of theapplication with the director, the application shall be deemed approved bythe director.
4. If the director approves the transfer of a fiduciary obligation,within twenty days of the approval, the transferee shall publish a noticeof the transfer of the fiduciary obligation pursuant to this section in anewspaper of general circulation in the county or city where thetransferor's main banking house or principal place of business,respectively, is located. The transfer of the fiduciary obligation shallbe effective upon the thirtieth day after the date of such publicationexcept with respect to any fiduciary obligation which upon that date is thesubject of notice of objection made pursuant to subsection 5 of thissection.
5. Within thirty days after the publication of notice of approval bythe director of the transfer of a fiduciary obligation pursuant tosubsection 4 of this section, any grantor or beneficiary who was entitledto receive a written notice pursuant to subsection 3 of this section maygive written notice to the transferee objecting to the transfer of thefiduciary obligation in which such person has an interest. In order tocomplete the transfer, the transferee may petition the probate division ofthe circuit court of the county or city not within a county in which thenotice was published to determine whether the transfer of the fiduciarycapacity will materially adversely affect the administration of thefiduciary account. After notice to all interested parties and a hearing onthe issues, the circuit court may deny the relief sought by the petitioningtransferee and not transfer the fiduciary obligation to the petitioningtransferee, may appoint a new fiduciary to succeed the transferor if thecourt finds that the appointment of a new fiduciary is in the bestinterests of the beneficiaries of the fiduciary obligation but that thetransfer of the fiduciary obligation to the petitioning transferee willmaterially adversely affect the administration of the fiduciary account, orshall order the transferor to transfer by assignment the fiduciaryobligation to the petitioning transferee.
6. On the effective date of the transfer of a fiduciary obligationpursuant to this section, the transferor shall be released from alltransferred fiduciary obligations and all liability relating to suchtransferred fiduciary obligations, and shall cease to act regarding allsuch transferred fiduciary obligations, except that such transferor shallnot be relieved of any liabilities arising out of a breach of a fiduciaryobligation occurring prior to such effective date. The transferor shallfile an itemized accounting of all assets and liabilities in eachtransferred fiduciary account with the transferee upon the effective dateof the transfer. Notwithstanding the provision of any law or the provisionof any agreement to the contrary, the transferor shall not impose feesrelating to the transfer of the fiduciary obligation in excess of theactual cost to the transferor of the transfer of the fiduciary obligation.The failure by a bank or trust company to give any notice required bysubsection 3 of this section with respect to any fiduciary account shallnot affect the validity of the transfer of a fiduciary obligation pursuantto this section with respect to any other fiduciary obligation or account.
7. Any appointment or other designation of a bank or trust company toa fiduciary obligation in a trust, will or other instrument shall be deemedto be made based only on facts and circumstances in existence on the dateand at the time that the appointment or designation is made, and thedirector or a court, when considering the transfer of a fiduciaryobligation, shall consider whether the transferee has the authority tocomplete the fiduciary obligation and is qualified to do so, the effect ofthe transfer of the fiduciary obligation including whether the transfer ofthe fiduciary obligation will materially adversely affect the fiduciaryobligation, and whether the transfer of the fiduciary obligation is in thebest interests of the beneficiaries of the fiduciary obligation.
