State Codes and Statutes
Statutes > Missouri > T26 > C404 > 404_420Personal custodian established by adult beneficiary--who mayserve--revocation--effect--powers, duties and immunities ofcustodian--single custodian may serve more than one beneficiary.
404.420. 1. An adult person who is not an incapacitatedperson may transfer property which he owns to any adult person orfinancial institution as personal custodian to hold andadminister for him as beneficiary of a personal custodianshipunder sections 404.400 to 404.650. A transfer of property to apersonal custodian made by a beneficiary in the manner prescribedin section 404.540 is revocable by the beneficiary in the mannerprescribed in sections 404.560 and 404.570. Ownership of theproperty transferred remains indefeasibly vested in thebeneficiary, subject to the personal custodianship provided insections 404.400 to 404.650 for the benefit of the beneficiary.
2. By transferring property to a personal custodian undersections 404.400 to 404.650, the beneficiary incorporates in thetransfer all the provisions of sections 404.400 to 404.650 andgrants to the personal custodian, and third persons dealing withthe personal custodian, the respective powers, rights andimmunities provided in sections 404.400 to 404.650. By holdingproperty for a beneficiary as personal custodian under sections404.400 to 404.650, the personal custodian assumes the obligationto administer the custodial property for the beneficiary asprescribed in sections 404.400 to 404.650 and the provisions ofany written agreement between the beneficiary and personalcustodian.
3. Only one person may be personal custodian under sections404.400 to 404.650 for the property placed in a personalcustodianship, but a beneficiary may transfer custody ofdifferent property to another personal custodian under sections404.400 to 404.650. A person may be a personal custodian ofproperty for more than one beneficiary, but the personalcustodian shall separately hold and administer the custodialproperty for each beneficiary unless the property is transferredto the personal custodian for the use and benefit of multiplebeneficiaries in accordance with subdivision (6) of subsection 1of section 404.540.
(L. 1986 S.B. 651 § 2 subsecs. 1, 2, 4, A.L. 1989 H.B. 145)
