Section 402.200

Title XXVI TRADE AND COMMERCE

Chapter 402

Effective - 28 Aug 2011, 2 histories   

  402.200.  Definitions. — As used in sections 402.199 to 402.208, the following terms mean:

  (1)  "Beneficiary", also referred to as "life beneficiary", a person who:

  (a)  Has been determined to have a disability or to be a disabled person;

  (b)  Is a resident of Missouri or one of the eight states adjacent to Missouri; and

  (c)  Is the person designated as the sole, primary beneficiary of a trust account administrated as part of the Missouri family trust by the board of trustees;

  (2)  "Board of trustees", "board", or "Missouri family trust board of trustees", the body corporate and instrumentality of the state, established as the Missouri family trust board of trustees pursuant to section 402.201;

  (3)  "Charitable trust", an account established and administered as part of the Missouri family trust for the benefit of disabled individuals, as provided in section 402.207;

  (4)  "Cotrustee", that person designated by the settlor to act together with the trustee as cotrustee of a trust account;

  (5)  "Department", the department of mental health;

  (6)  "Disability":

  (a)  A mental or physical impairment that substantially limits one or more major life activities, whether the impairment is congenital or acquired by accident, injury or disease, and where the impairment is verified by medical findings; or

  (b)  As is defined in Section 1614(a)(3) of the Social Security Act, 42 U.S.C. 1382c(a)(3);

  (7)  "Missouri family trust" or "trust", the trust established pursuant to section 402.202 and administered by the board of trustees, as trustee, pursuant to sections 402.199 to 402.208;

  (8)  "Net income", the earnings received on investments less administrative expenses and fees;

  (9)  "Principal balance", the fair market value of all contributions made to a particular account, less distributions, determined as of the end of the calendar month immediately preceding the occurrence giving rise to any determination of principal balance;

  (10)  "Remainder beneficiaries", the person or persons designated to receive the applicable portion of the principal balance of a trust account remaining after the death of the beneficiary;

  (11)  "Restricted account", an account established and administered as part of the trust for the benefit of persons with disabilities as provided in section 402.206;

  (12)  "Standby trust", the trust established upon distribution of a trust account by the board of trustees pursuant to notice of withdrawal or termination and administered as set forth in subsection 3 of section 402.205;

  (13)  "Trust account", an account established and administered as part of the Missouri family trust for the benefit of a beneficiary as provided in sections 402.203 and 402.204;

  (14)  "Trustee", the board of trustees acting in its capacity as trustee of a trust account, the charitable trust, or a restricted account as used in section 402.201.

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(L. 1989 H.B. 318 § 1, A.L. 1991 S.B. 311, A.L. 1993 H.B. 136 merged with S.B. 338, A.L. 1998 S.B. 852 & 913, A.L. 1999 S.B. 211, A.L. 2004 H.B. 923, A.L. 2011 S.B. 70)