Revisor Home

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 362

previous next Effective - 28 Aug 2014bottom

  362.333.  Irrevocable life insurance trusts, banks and trust companies may transfer fiduciary obligations to bank or company with authorized trust authority. — In addition to the powers authorized in section 362.332, a bank or trust company created under the laws of this or any other state or national bank, with authorized trust authority may transfer by assignment, for consideration or no consideration, some or all of its fiduciary obligations that consist only of irrevocable life insurance trusts to any bank or trust company with authorized trust authority.  The transfer of such irrevocable life insurance trusts shall be subject to the provisions of this section and to all regulatory procedures described in subsections 2 to 7 of section 362.332.  On the effective date of the transfer of fiduciary obligations under this section, the transferring bank or trust company shall be released from all transferred fiduciary obligations and shall cease to act as a fiduciary, except that such transferring bank or trust company shall not be relieved of any obligations arising out of a breach of fiduciary duty occurring prior to such effective date.

­­--------

(L. 2009 H.B. 239 merged with S.B. 277, A.L. 2014 S.B. 794)


---- end of effective   28 Aug 2014 ----

use this link to bookmark section  362.333


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

Site changes Contact
Other Links
Oversight Library MO WebMasters
Senate
Missouri Senate
State of Missouri
MO.gov
House
Missouri House

@00:45:50.7 25