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Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 362

previous next Effective - 28 Aug 1967bottom

  362.780.  New company succeeds to fiduciary relations of old. — 1.  If the receiver corporation or the consolidated corporation is to have fiduciary powers, the receiving corporation under merger or the new corporation under consolidation shall become, without further act or deed, the successor of the merging or of the consolidating corporation in any and all fiduciary capacities in which the merging or consolidating corporation may be acting at the time of the merger or consolidation, and shall be liable to all beneficiaries as fully as if the receiving or consolidating corporations had continued their separate corporate existence.

  2.  All and singular the rights and privileges and the right, title and interest in and to all property of whatsoever kind, whether real, personal or mixed, and things in action, and every right, privilege, interest or asset of conceivable value or benefit then existing to which either of the corporations so merging or consolidating shall be entitled at law or in equity in any fiduciary capacity shall fully and finally, and without any right of reversion, be transferred to and vested in the receiving or consolidated corporation, without further act or deed; and the receiving or consolidated corporation shall have and hold the same as fully and in the same fiduciary capacity and for the same purposes, and with the same powers, duties, responsibilities and discretion, as the same were possessed and held by the merging or consolidating corporations from which they were, by operation of the provisions of sections 362.610 to 362.810, transferred; except that if the receiving corporation or the consolidated corporation is to be a bank having no fiduciary powers, all right, title and interest to any property held by one of the parties to the merger or consolidation in a fiduciary capacity shall be transferred to the successor trustee as provided in section 362.118.

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(L. 1967 p. 445)

(Source: RSMo 1959 § 363.940)


---- end of effective   28 Aug 1967 ----

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