State Codes and Statutes
Statutes > Missouri > T24 > C362 > 362_333Irrevocable life insurance trusts, banks and trust companies maytransfer fiduciary obligations to the Missouri trust office orout-of-state bank or company.
362.333. In addition to the powers authorized in section 362.332, abank or trust company with authorized trust authority and created under thelaws of this state may transfer by assignment, for consideration or noconsideration, some or all of its fiduciary obligations that consist onlyof irrevocable life insurance trusts to the Missouri trust office of anout-of-state bank with trust powers or an out-of-state trust company. Thetransfer of such irrevocable life insurance trusts shall be subject to theprovisions of this section and to all regulatory procedures described insubsections 2 to 7 of section 362.332. On the effective date of thetransfer of fiduciary obligations under this section, the transferring bankor trust company shall be released from all transferred fiduciaryobligations and shall cease to act as a fiduciary, except that suchtransferring bank or trust company shall not be relieved of any obligationsarising out of a breach of fiduciary duty occurring prior to such effectivedate.
(L. 2009 H.B. 239 merged with S.B. 277)
