Revisor Home

Title XXXI TRUSTS AND ESTATES OF DECEDENTS AND PERSONS UNDER DISABILITY

Chapter 469

previous next Effective - 28 Aug 2004bottom

  469.449.  Allocation of collateral financial assets and asset-backed securities. — 1.  As used in this section, the phrase "asset-backed security" means an asset whose value is based upon the right it gives the owner to receive distributions from the proceeds of financial assets that provide collateral for the security.  The phrase includes an asset that gives the owner the right to receive from the collateral financial assets only the interest or other current return or only the proceeds other than interest or current return.  The phrase does not include an asset to which section 469.423 or 469.437 applies.

  2.  If a trust receives a payment from interest or other current return and from other proceeds of the collateral financial assets, the trustee shall allocate to income the portion of the payment which the payer identifies as being from interest or other current return and shall allocate the balance of the payment to principal.

  3.  If a trust receives one or more payments in exchange for the trust's entire interest in an asset-backed security in one accounting period, the trustee shall allocate the payments to principal.  If a payment is one of a series of payments that will result in the liquidation of the trust's interest in the security over more than one accounting period, the trustee shall allocate ten percent of the payment to income and the balance to principal.

­­--------

(L. 2001 H.B. 241, A.L. 2004 H.B. 1511)


---- end of effective   28 Aug 2004 ----

use this link to bookmark section  469.449


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

@04:16:49.2 33 :)