☰ Revisor of Missouri

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 370

< > Effective - 28 Aug 2020, 2 histories bottom

  370.275.  Trust accounts, requirements — beneficiaries' rights — payment a discharge of liability, when — death of trust account owner, procedure. — Shares, share certificates, deposits and deposit certificates may be held in the name of a member in trust for a beneficiary, in the name of a nonmember in trust for a beneficiary who is a member or in the name of a trustee of a trust of which a member is grantor, trustee or beneficiary.  Beneficiaries may be a minor or minors.  No beneficiary, trustee or grantor of a trust, unless a member in his or her own right, shall be permitted to vote, obtain loans, or hold office.  Payment of part or all of such a trust account to the party in whose name the account is held shall, to the extent of such payment, discharge the liability of the credit union to that party and to the beneficiary, and the credit union shall be under no obligation to see to the application of such payment.  In the event of death of the party in whose name a trust account is held, and if the credit union has been given no other written notice of the existence or terms of any trust, account funds and any dividends or interest thereon shall be paid to the beneficiary.

­­--------

(L. 1984 H.B. 962, A.L. 1994 H.B. 1312, A.L. 2020 S.B. 599)


---- end of effective  28 Aug 2020 ----

use this link to bookmark section  370.275


 - All versions
Effective End
370.275 8/28/2020
370.275 8/28/1994 8/28/2020

Click here for the Reorganization Act of 1974 - or - Concurrent Resolutions Having Force & Effect of Law
In accordance with Section 3.090, the language of statutory sections enacted during a legislative session are updated and available on this website on the effective date of such enacted statutory section. Revisor Home    

Other Information
 Recent Sections Editorials May Be Cited As Tables & Forms Multiple Enact
Repeal & Transfer Definitions End Report

Site changes Pictures Contact

Other Links
Legislative Research Oversight MOLIS
Library MO WebMasters
Senate
Missouri Senate
State of Missouri
MO.gov
House
Missouri House

@11:52:25.6 27 :)