Section 456.027

Title XXXI TRUSTS AND ESTATES OF DECEDENTS AND PERSONS UNDER DISABILITY

Chapter 456

Effective - 28 Aug 2004   

  456.027.  Registration of trust. — 1.  The trustee of a trust having its principal place of administration in this state may register the trust in the probate division of the circuit court of the county wherein the principal place of administration is located.

  2.  "Trust" includes any express trust, private or charitable, with additions thereto, wherever and however created.  It also includes a resulting or constructive trust created or determined by judgment or decree under which the trust is to be administered in the manner of an express trust."Trust" excludes other constructive and resulting trusts, guardianships, conservatorships, decedents' estates, and trust accounts with financial institutions in the name of one or more parties as trustee for one or more beneficiaries where the fiduciary relationship is established by the form of the account and the deposit agreement with the financial institution, and there is no subject of the trust other than the sums on deposit in such account.  "Trust" also excludes custodial arrangements pursuant to chapter 404, the Missouri uniform gifts to minors law, paying and transfer agencies, business trusts providing for certificates to be issued to beneficiaries, investment trusts, common trust funds, voting trusts, security instruments or arrangements, liquidation trusts, trusts for the primary purpose of paying debts, dividends, interest, salaries, wages, profits, pensions or employee benefits of any kind, and any arrangements under which a person is nominee or escrowee for another.

  3.  Unless otherwise designated in the trust instrument, the "principal place of administration of a trust" is the trustee's usual place of business where the records pertaining to the trust are kept, or at the trustee's residence if he has no such place of business.  In the case of cotrustees, the principal place of administration, if not otherwise designated in the trust instrument, is:

  (1)  The usual place of business of the corporate trustee if there is but one corporate cotrustee; or

  (2)  The usual place of business or residence of the individual trustee who is a professional fiduciary if there is but one such person and no corporate cotrustee; and otherwise

  (3)  The usual place of business or residence of any of the cotrustees as agreed upon by them.

  4.  "Professional fiduciary" means an individual trustee who represents himself to the public as having specialized training, experience or skills in the administration of trusts.

  5.  The right to register under this section does not apply to the trustee of a trust if registration would be inconsistent with the retained jurisdiction of a foreign court from which the trustee cannot obtain release of registration.

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(L. 1983 H.B. 117, A.L. 2004 H.B. 1511)

Transferred 2004; formerly 456.400