Section 402.208

Title XXVI TRADE AND COMMERCE

Chapter 402

Effective - 28 Aug 2011   

  402.208.  Fees authorized — periodic reports — no property interest in trust account, when. — 1.  The board may establish and collect fees for administering trust accounts established pursuant to the provisions of sections 402.199 to 402.220^*.

  2.  The board shall establish policies and procedures for providing periodic reports to the cotrustees of each trust account established pursuant to the provisions of sections 402.199 to 402.220^*.

  3.  (1)  No beneficiary shall have any vested or property rights or interests in any trust account, nor shall any beneficiary have the power to anticipate, assign, convey, alienate, or otherwise encumber any interest in the income or principal of any trust account.

  (2)  The income or the principal or any interest of any beneficiary in the trust account shall not be liable for any debt incurred by such beneficiary, nor shall the principal or income of any trust account be subject to seizure by any creditor or any beneficiary under any writ or proceeding in law or in equity.

  4.  Except for the right of a settlor to withdraw from or revoke any revocable trust account under section 402.205, and the right of any acting cotrustee, other than the original settlor, to withdraw all or a portion of the principal balance of a revocable trust account under section 402.205, neither the settlor nor any acting cotrustee shall have the right to sell, assign, convey, alienate, or otherwise encumber, for consideration or otherwise, any interest in the income or principal of the trust account.  The income or the principal or any interest of any beneficiary of a revocable trust account shall not be liable for any debt incurred by the settlor or any acting cotrustee, nor shall the principal or income of the trust account be subject to seizure by any creditor of any settlor or any acting cotrustee under any writ or proceeding in law or in equity.

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(L. 2011 S.B. 70)

*Section 402.220 was repealed by S.B. 70, 2011.