Appointment as fiduciary--investments--handling of trustproperty--effect of merger or consolidation.
362.550. 1. When any trust company organized pursuant to the laws ofthis state shall have been nominated as personal representative of the lastwill of any deceased person, the court or officer authorized pursuant tothe law of this state to grant letters testamentary thereon shall, uponproper application, grant letters testamentary thereon to the trust companyor to its successor by merger.
2. When application is made for the appointment of a personalrepresentative on the estate of any deceased person, and there is no personentitled to the letters, or if there is one so entitled then, on theapplication of the person, the court or officer making the appointment maygrant letters of administration with will annexed to any trust company.
3. Any trust company may be appointed conservator, trustee, personalrepresentative, receiver, assignee or in any other fiduciary capacity, inthe manner now provided by law for appointment of individuals to any suchoffice. On the application of any natural person acting in any suchoffice, or on the application of any natural persons acting jointly in anysuch office, any trust company may be appointed by the court or officerhaving jurisdiction in the place and stead of the person or persons; or onthe application of the person or persons any trust company may be appointedto the office to act jointly with the person or persons theretoforeappointed, or appointed at the same time; provided, the appointment shallnot increase the compensation to be paid the joint fiduciaries over theamount pursuant to the law payable to a fiduciary acting alone.
4. Any natural person or persons heretofore or hereafter appointed asguardian, trustee, personal representative, receiver, assignee, or in anyother fiduciary capacity, desiring to have their bond under the officereduced, or desiring to be appointed under a reduced bond, the person orpersons may apply to the court to have their appointment put or made undersuch limitation of powers and upon such terms and conditions as to thedeposits of assets by the person or persons with any trust company, undersuch reduced bond to be given by the person or persons as the court orjudge shall prescribe, and the court or judge may make any proper order inthe premises.
5. Any investments made by any trust company of money received by itin any fiduciary capacity shall be at its sole risk, and for all losses ofsuch money the capital stock and property of the company shall beabsolutely liable, unless the investments are such as are proper when madeby an individual acting in such fiduciary capacity, or such as arepermitted under and by the instrument or order creating or defining thetrust. Any trust company in the exercise of its fiduciary powers aspersonal representative, guardian, trustee or other fiduciary capacity, mayretain and continue to hold, as an investment of an estate, trust or otheraccount administered by it as fiduciary, any shares of the capital stock,and other securities or obligations, of the trust company so acting, and ofany parent company or affiliated company of such trust company, whichstock, securities and obligations have been transferred to or depositedwith such fiduciary by the creator or creators of such fiduciary account orother donors or grantors, or received by it in exchange for, or asdividends upon, or purchased by the exercise of subscription rights,including rights to purchase fractional shares, in respect of, any otherstock, securities or obligations so transferred to or deposited with it, orwhich have been purchased by such fiduciary pursuant to a requirement ofthe instrument or order governing such account or pursuant to the directionof such person or persons other than the trust company having power todirect such fiduciary with respect to such purchases; but except as hereinprovided, including the exercise of subscription rights, no such trustcompany shall purchase as an investment for any fiduciary account, in theexercise of its own discretion, any stock or other securities orobligations, other than deposit accounts, savings certificates orcertificates of deposits, issued by such trust company, or its parent oraffiliated companies. This subsection shall not be construed to prohibit atrust company, in the exercise of its own discretion, from purchasing as aninvestment, for any fiduciary account, securities or obligations of anystate or political subdivision thereof which meet investment standardswhich shall be established by the director of the division of finance, eventhough such obligations are underwritten by such trust company or itsparent or affiliated companies.
6. The court or officer may make orders respecting the trusts andrequire any trust company to render all accounts which the court or officermight lawfully require if the personal representative, guardian, trustee,receiver, depositary or the trust company acting in any other fiduciarycapacity, were a natural person.
7. Upon the appointment of a trust company to any fiduciary office,no official oath shall be required.
8. Property or securities received or held by a trust company in anyfiduciary capacity shall be a special deposit in the trust company, and theaccounts thereof shall be kept separate from each other and separate fromthe company's individual business. The property or securities held intrust shall not be mingled with the investments of the capital stock orother property belonging to the trust company or be liable for the debts orobligations thereof. For the purpose of this section, the corporationshall have a trust department, in which all business authorized bysubsection 2 of section 362.105 is kept separate and distinct from itsgeneral business.
9. The accounts, securities and all records of any trust companyrelating to a trust committed to it shall be open for the inspection of allpersons interested in the trust.
10. When any trust company organized pursuant to the laws of thisstate shall have been appointed personal representative of the estate ofany deceased person, or guardian, trustee, receiver, assignee, or in anyother fiduciary capacity, in the manner provided by law for appointment toany such office, and if the trust company has heretofore merged orconsolidated with or shall hereafter merge or consolidate with any othertrust company organized pursuant to the laws of this state, then, at theoption of the first mentioned company, and upon the filing by it, with thecourt having jurisdiction of the estate being administered, of acertificate of the merger or consolidation, together with a statement thatthe other trust company is to thereafter administer the estate held by itand an acceptance by the latter trust company of the trust to beadministered, the certificate, statement and acceptance to be executed bythe president or vice president of the respective companies and to haveaffixed thereto the corporate seals of the respective companies, attestedby the secretary thereof, and further upon the approval of the court andthe giving of such bond as may be required, all the rights, privileges,title and interest in and to all property of whatsoever kind, whether real,personal or mixed, and things in action belonging to the trust estate, andevery right, privilege or asset of conceivable value or benefit thenexisting which would inure to the estate under an unmerged or consolidatedexistence of the first mentioned company, shall be fully and finally andwithout right of reversion transferred to and vested in the corporationinto which it is merged or with which it is consolidated, without furtheract or deed, and the last mentioned corporation shall have and hold thesame in its own right as fully as the same was possessed and held by thecorporation from which it was, by operation of the provisions of thissection, transferred, and the corporation shall succeed to all therelations, obligations and liabilities, and shall execute and perform allthe trusts and obligations devolving upon it, in the same manner as thoughit had itself assumed the relation or trust.
11. Notwithstanding any other provisions of law to the contrary, abank, trust company or affiliate thereof, when acting as a trustee,investment advisor, custodian, or otherwise in a fiduciary capacity withrespect to the investment and reinvestment of assets may invest andreinvest the assets, subject to the standards contained in section456.8-816, RSMo, and sections 469.900 to 469.913, RSMo, in the securitiesof any open-end or closed-end management investment company or investmenttrust registered pursuant to the federal Investment Company Act of 1940 asamended (15 U.S.C. Sections 80a-1, et seq.) (collectively, "mutual funds"),or in shares or interests in a partnership or limited liability company orother entity that operates as a privately offered investment fund. Suchinvestment and reinvestment of assets may be made notwithstanding that suchbank, trust company, or affiliate provides services to the investmentcompany or trust or privately offered investment fund as investmentadvisor, sponsor, distributor, custodian, transfer agent, registrar, orotherwise, and receives reasonable remuneration for such services. Suchbank or trust company or affiliate thereof is entitled to receive fiduciaryfees with respect to such assets. For such services the bank or trustcompany or affiliate thereof shall be entitled only to the normal fiduciaryfee but neither a bank, trust company nor affiliate shall be required toreduce or waive its compensation for services provided in connection withthe investment and management of assets because the fiduciary invests,reinvests or retains assets in a mutual fund or privately offeredinvestment fund. The provisions of this subsection apply to any trust,advisory, custody or other fiduciary relationship established before orafter August 28, 1999, unless the governing instrument refers to thissection and provides otherwise.
12. As used in this section, the term "trust company" applies to anystate or national bank or trust company qualified to act as fiduciary inthis state.
Appointment as fiduciary--investments--handling of trustproperty--effect of merger or consolidation.
362.550. 1. When any trust company organized pursuant to the laws ofthis state shall have been nominated as personal representative of the lastwill of any deceased person, the court or officer authorized pursuant tothe law of this state to grant letters testamentary thereon shall, uponproper application, grant letters testamentary thereon to the trust companyor to its successor by merger.
2. When application is made for the appointment of a personalrepresentative on the estate of any deceased person, and there is no personentitled to the letters, or if there is one so entitled then, on theapplication of the person, the court or officer making the appointment maygrant letters of administration with will annexed to any trust company.
3. Any trust company may be appointed conservator, trustee, personalrepresentative, receiver, assignee or in any other fiduciary capacity, inthe manner now provided by law for appointment of individuals to any suchoffice. On the application of any natural person acting in any suchoffice, or on the application of any natural persons acting jointly in anysuch office, any trust company may be appointed by the court or officerhaving jurisdiction in the place and stead of the person or persons; or onthe application of the person or persons any trust company may be appointedto the office to act jointly with the person or persons theretoforeappointed, or appointed at the same time; provided, the appointment shallnot increase the compensation to be paid the joint fiduciaries over theamount pursuant to the law payable to a fiduciary acting alone.
4. Any natural person or persons heretofore or hereafter appointed asguardian, trustee, personal representative, receiver, assignee, or in anyother fiduciary capacity, desiring to have their bond under the officereduced, or desiring to be appointed under a reduced bond, the person orpersons may apply to the court to have their appointment put or made undersuch limitation of powers and upon such terms and conditions as to thedeposits of assets by the person or persons with any trust company, undersuch reduced bond to be given by the person or persons as the court orjudge shall prescribe, and the court or judge may make any proper order inthe premises.
5. Any investments made by any trust company of money received by itin any fiduciary capacity shall be at its sole risk, and for all losses ofsuch money the capital stock and property of the company shall beabsolutely liable, unless the investments are such as are proper when madeby an individual acting in such fiduciary capacity, or such as arepermitted under and by the instrument or order creating or defining thetrust. Any trust company in the exercise of its fiduciary powers aspersonal representative, guardian, trustee or other fiduciary capacity, mayretain and continue to hold, as an investment of an estate, trust or otheraccount administered by it as fiduciary, any shares of the capital stock,and other securities or obligations, of the trust company so acting, and ofany parent company or affiliated company of such trust company, whichstock, securities and obligations have been transferred to or depositedwith such fiduciary by the creator or creators of such fiduciary account orother donors or grantors, or received by it in exchange for, or asdividends upon, or purchased by the exercise of subscription rights,including rights to purchase fractional shares, in respect of, any otherstock, securities or obligations so transferred to or deposited with it, orwhich have been purchased by such fiduciary pursuant to a requirement ofthe instrument or order governing such account or pursuant to the directionof such person or persons other than the trust company having power todirect such fiduciary with respect to such purchases; but except as hereinprovided, including the exercise of subscription rights, no such trustcompany shall purchase as an investment for any fiduciary account, in theexercise of its own discretion, any stock or other securities orobligations, other than deposit accounts, savings certificates orcertificates of deposits, issued by such trust company, or its parent oraffiliated companies. This subsection shall not be construed to prohibit atrust company, in the exercise of its own discretion, from purchasing as aninvestment, for any fiduciary account, securities or obligations of anystate or political subdivision thereof which meet investment standardswhich shall be established by the director of the division of finance, eventhough such obligations are underwritten by such trust company or itsparent or affiliated companies.
6. The court or officer may make orders respecting the trusts andrequire any trust company to render all accounts which the court or officermight lawfully require if the personal representative, guardian, trustee,receiver, depositary or the trust company acting in any other fiduciarycapacity, were a natural person.
7. Upon the appointment of a trust company to any fiduciary office,no official oath shall be required.
8. Property or securities received or held by a trust company in anyfiduciary capacity shall be a special deposit in the trust company, and theaccounts thereof shall be kept separate from each other and separate fromthe company's individual business. The property or securities held intrust shall not be mingled with the investments of the capital stock orother property belonging to the trust company or be liable for the debts orobligations thereof. For the purpose of this section, the corporationshall have a trust department, in which all business authorized bysubsection 2 of section 362.105 is kept separate and distinct from itsgeneral business.
9. The accounts, securities and all records of any trust companyrelating to a trust committed to it shall be open for the inspection of allpersons interested in the trust.
10. When any trust company organized pursuant to the laws of thisstate shall have been appointed personal representative of the estate ofany deceased person, or guardian, trustee, receiver, assignee, or in anyother fiduciary capacity, in the manner provided by law for appointment toany such office, and if the trust company has heretofore merged orconsolidated with or shall hereafter merge or consolidate with any othertrust company organized pursuant to the laws of this state, then, at theoption of the first mentioned company, and upon the filing by it, with thecourt having jurisdiction of the estate being administered, of acertificate of the merger or consolidation, together with a statement thatthe other trust company is to thereafter administer the estate held by itand an acceptance by the latter trust company of the trust to beadministered, the certificate, statement and acceptance to be executed bythe president or vice president of the respective companies and to haveaffixed thereto the corporate seals of the respective companies, attestedby the secretary thereof, and further upon the approval of the court andthe giving of such bond as may be required, all the rights, privileges,title and interest in and to all property of whatsoever kind, whether real,personal or mixed, and things in action belonging to the trust estate, andevery right, privilege or asset of conceivable value or benefit thenexisting which would inure to the estate under an unmerged or consolidatedexistence of the first mentioned company, shall be fully and finally andwithout right of reversion transferred to and vested in the corporationinto which it is merged or with which it is consolidated, without furtheract or deed, and the last mentioned corporation shall have and hold thesame in its own right as fully as the same was possessed and held by thecorporation from which it was, by operation of the provisions of thissection, transferred, and the corporation shall succeed to all therelations, obligations and liabilities, and shall execute and perform allthe trusts and obligations devolving upon it, in the same manner as thoughit had itself assumed the relation or trust.
11. Notwithstanding any other provisions of law to the contrary, abank, trust company or affiliate thereof, when acting as a trustee,investment advisor, custodian, or otherwise in a fiduciary capacity withrespect to the investment and reinvestment of assets may invest andreinvest the assets, subject to the standards contained in section456.8-816, RSMo, and sections 469.900 to 469.913, RSMo, in the securitiesof any open-end or closed-end management investment company or investmenttrust registered pursuant to the federal Investment Company Act of 1940 asamended (15 U.S.C. Sections 80a-1, et seq.) (collectively, "mutual funds"),or in shares or interests in a partnership or limited liability company orother entity that operates as a privately offered investment fund. Suchinvestment and reinvestment of assets may be made notwithstanding that suchbank, trust company, or affiliate provides services to the investmentcompany or trust or privately offered investment fund as investmentadvisor, sponsor, distributor, custodian, transfer agent, registrar, orotherwise, and receives reasonable remuneration for such services. Suchbank or trust company or affiliate thereof is entitled to receive fiduciaryfees with respect to such assets. For such services the bank or trustcompany or affiliate thereof shall be entitled only to the normal fiduciaryfee but neither a bank, trust company nor affiliate shall be required toreduce or waive its compensation for services provided in connection withthe investment and management of assets because the fiduciary invests,reinvests or retains assets in a mutual fund or privately offeredinvestment fund. The provisions of this subsection apply to any trust,advisory, custody or other fiduciary relationship established before orafter August 28, 1999, unless the governing instrument refers to thissection and provides otherwise.
12. As used in this section, the term "trust company" applies to anystate or national bank or trust company qualified to act as fiduciary inthis state.
Appointment as fiduciary--investments--handling of trustproperty--effect of merger or consolidation.
362.550. 1. When any trust company organized pursuant to the laws ofthis state shall have been nominated as personal representative of the lastwill of any deceased person, the court or officer authorized pursuant tothe law of this state to grant letters testamentary thereon shall, uponproper application, grant letters testamentary thereon to the trust companyor to its successor by merger.
2. When application is made for the appointment of a personalrepresentative on the estate of any deceased person, and there is no personentitled to the letters, or if there is one so entitled then, on theapplication of the person, the court or officer making the appointment maygrant letters of administration with will annexed to any trust company.
3. Any trust company may be appointed conservator, trustee, personalrepresentative, receiver, assignee or in any other fiduciary capacity, inthe manner now provided by law for appointment of individuals to any suchoffice. On the application of any natural person acting in any suchoffice, or on the application of any natural persons acting jointly in anysuch office, any trust company may be appointed by the court or officerhaving jurisdiction in the place and stead of the person or persons; or onthe application of the person or persons any trust company may be appointedto the office to act jointly with the person or persons theretoforeappointed, or appointed at the same time; provided, the appointment shallnot increase the compensation to be paid the joint fiduciaries over theamount pursuant to the law payable to a fiduciary acting alone.
4. Any natural person or persons heretofore or hereafter appointed asguardian, trustee, personal representative, receiver, assignee, or in anyother fiduciary capacity, desiring to have their bond under the officereduced, or desiring to be appointed under a reduced bond, the person orpersons may apply to the court to have their appointment put or made undersuch limitation of powers and upon such terms and conditions as to thedeposits of assets by the person or persons with any trust company, undersuch reduced bond to be given by the person or persons as the court orjudge shall prescribe, and the court or judge may make any proper order inthe premises.
5. Any investments made by any trust company of money received by itin any fiduciary capacity shall be at its sole risk, and for all losses ofsuch money the capital stock and property of the company shall beabsolutely liable, unless the investments are such as are proper when madeby an individual acting in such fiduciary capacity, or such as arepermitted under and by the instrument or order creating or defining thetrust. Any trust company in the exercise of its fiduciary powers aspersonal representative, guardian, trustee or other fiduciary capacity, mayretain and continue to hold, as an investment of an estate, trust or otheraccount administered by it as fiduciary, any shares of the capital stock,and other securities or obligations, of the trust company so acting, and ofany parent company or affiliated company of such trust company, whichstock, securities and obligations have been transferred to or depositedwith such fiduciary by the creator or creators of such fiduciary account orother donors or grantors, or received by it in exchange for, or asdividends upon, or purchased by the exercise of subscription rights,including rights to purchase fractional shares, in respect of, any otherstock, securities or obligations so transferred to or deposited with it, orwhich have been purchased by such fiduciary pursuant to a requirement ofthe instrument or order governing such account or pursuant to the directionof such person or persons other than the trust company having power todirect such fiduciary with respect to such purchases; but except as hereinprovided, including the exercise of subscription rights, no such trustcompany shall purchase as an investment for any fiduciary account, in theexercise of its own discretion, any stock or other securities orobligations, other than deposit accounts, savings certificates orcertificates of deposits, issued by such trust company, or its parent oraffiliated companies. This subsection shall not be construed to prohibit atrust company, in the exercise of its own discretion, from purchasing as aninvestment, for any fiduciary account, securities or obligations of anystate or political subdivision thereof which meet investment standardswhich shall be established by the director of the division of finance, eventhough such obligations are underwritten by such trust company or itsparent or affiliated companies.
6. The court or officer may make orders respecting the trusts andrequire any trust company to render all accounts which the court or officermight lawfully require if the personal representative, guardian, trustee,receiver, depositary or the trust company acting in any other fiduciarycapacity, were a natural person.
7. Upon the appointment of a trust company to any fiduciary office,no official oath shall be required.
8. Property or securities received or held by a trust company in anyfiduciary capacity shall be a special deposit in the trust company, and theaccounts thereof shall be kept separate from each other and separate fromthe company's individual business. The property or securities held intrust shall not be mingled with the investments of the capital stock orother property belonging to the trust company or be liable for the debts orobligations thereof. For the purpose of this section, the corporationshall have a trust department, in which all business authorized bysubsection 2 of section 362.105 is kept separate and distinct from itsgeneral business.
9. The accounts, securities and all records of any trust companyrelating to a trust committed to it shall be open for the inspection of allpersons interested in the trust.
10. When any trust company organized pursuant to the laws of thisstate shall have been appointed personal representative of the estate ofany deceased person, or guardian, trustee, receiver, assignee, or in anyother fiduciary capacity, in the manner provided by law for appointment toany such office, and if the trust company has heretofore merged orconsolidated with or shall hereafter merge or consolidate with any othertrust company organized pursuant to the laws of this state, then, at theoption of the first mentioned company, and upon the filing by it, with thecourt having jurisdiction of the estate being administered, of acertificate of the merger or consolidation, together with a statement thatthe other trust company is to thereafter administer the estate held by itand an acceptance by the latter trust company of the trust to beadministered, the certificate, statement and acceptance to be executed bythe president or vice president of the respective companies and to haveaffixed thereto the corporate seals of the respective companies, attestedby the secretary thereof, and further upon the approval of the court andthe giving of such bond as may be required, all the rights, privileges,title and interest in and to all property of whatsoever kind, whether real,personal or mixed, and things in action belonging to the trust estate, andevery right, privilege or asset of conceivable value or benefit thenexisting which would inure to the estate under an unmerged or consolidatedexistence of the first mentioned company, shall be fully and finally andwithout right of reversion transferred to and vested in the corporationinto which it is merged or with which it is consolidated, without furtheract or deed, and the last mentioned corporation shall have and hold thesame in its own right as fully as the same was possessed and held by thecorporation from which it was, by operation of the provisions of thissection, transferred, and the corporation shall succeed to all therelations, obligations and liabilities, and shall execute and perform allthe trusts and obligations devolving upon it, in the same manner as thoughit had itself assumed the relation or trust.
11. Notwithstanding any other provisions of law to the contrary, abank, trust company or affiliate thereof, when acting as a trustee,investment advisor, custodian, or otherwise in a fiduciary capacity withrespect to the investment and reinvestment of assets may invest andreinvest the assets, subject to the standards contained in section456.8-816, RSMo, and sections 469.900 to 469.913, RSMo, in the securitiesof any open-end or closed-end management investment company or investmenttrust registered pursuant to the federal Investment Company Act of 1940 asamended (15 U.S.C. Sections 80a-1, et seq.) (collectively, "mutual funds"),or in shares or interests in a partnership or limited liability company orother entity that operates as a privately offered investment fund. Suchinvestment and reinvestment of assets may be made notwithstanding that suchbank, trust company, or affiliate provides services to the investmentcompany or trust or privately offered investment fund as investmentadvisor, sponsor, distributor, custodian, transfer agent, registrar, orotherwise, and receives reasonable remuneration for such services. Suchbank or trust company or affiliate thereof is entitled to receive fiduciaryfees with respect to such assets. For such services the bank or trustcompany or affiliate thereof shall be entitled only to the normal fiduciaryfee but neither a bank, trust company nor affiliate shall be required toreduce or waive its compensation for services provided in connection withthe investment and management of assets because the fiduciary invests,reinvests or retains assets in a mutual fund or privately offeredinvestment fund. The provisions of this subsection apply to any trust,advisory, custody or other fiduciary relationship established before orafter August 28, 1999, unless the governing instrument refers to thissection and provides otherwise.
12. As used in this section, the term "trust company" applies to anystate or national bank or trust company qualified to act as fiduciary inthis state.
