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Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 362

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  362.116.  Trust accounts, originated by one bank or trust company, administration by another — requirements. — 1.  Any bank or trust company may, with the approval of the director of the division of finance, originate trust accounts which will be administered, pursuant to contract, by a bank or trust company having full fiduciary powers and located in this state.  The bank or trust company originating such accounts shall be known as the originating trustee and the institution with which it contracts shall be referred to as the contracting trustee.

  2.  The application for authority to act as originating trustee shall designate the contracting trustee and shall be accompanied by a certified copy of the contract between the originating and contracting trustees.

  3.  The director of the division of finance shall approve any application by a bank or trust company seeking to act as originating trustee if he or she determines that the nature of the supervision to be given to the fiduciary activities, and the circumstances under which the agency relationship shall be terminated warrant belief that the customers will be protected.  He or she shall issue a certificate approving the application and one certified copy shall be filed in the public records of the division of finance with the original certificate sent to the bank or trust company.

  4.  The originating trustee shall function as an agent of the contracting trustee, and such relationship shall be disclosed to the customers.  The originating trustee may provide the administrative, advertising and safekeeping services incident to the trust business but the contracting trustee shall perform any and all fiduciary services in connection with trust relationships accepted under this section.

  5.  The contracting trustee shall assume any and all fiduciary liability the originating trustee may have or incur with no right of contribution or recovery from the originating trustee, except for liability resulting from negligence in the performance of duties actually performed by the originating trustee.

  6.  Any trust or estate administered under this section shall be subject to the provisions of sections 362.550 and 362.580.

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(L. 1983 S.B. 331 § 362.116, subsecs. 1 to 6, A.L. 1984 H.B. 1141, A.L. 2000 S.B. 896)


---- end of effective   28 Aug 2000 ----

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