Section 443.350

Title XXIX OWNERSHIP AND CONVEYANCE OF PROPERTY

Chapter 443

Effective - 28 Aug 1994   

  443.350.  Foreign corporation or person not to act as trustee, unless domestic corporation or resident trustee be named as cotrustee — domestic corporation under no disability because articles do not contain specific power. — No foreign corporation or individual shall act as trustee in any security instrument made after August 28, 1994, affecting any property, real or personal, situate or being in this state, unless in such instrument there is named as cotrustee a corporation organized under the laws of this state, or an individual citizen of the state of Missouri.  If any Missouri corporation is designated trustee in any security instrument or is appointed a successor trustee, it shall not be considered to be subject to any disability to act as such because it is organized under a chapter of the Missouri revised statutes other than chapter 362, or because its articles of incorporation do not contain a specific power to execute trusts or serve as trustee under security instruments.

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(RSMo 1939 § 3482, A.L. 1994 H.B. 1312)

Prior revisions: 1929 § 3095; 1919 § 2254; 1909 § 2859

CROSS REFERENCE:

Trust company's powers under reciprocal corporate fiduciary powers act, 362.600