Missouri Code of State Regulations
Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE
Division 1140 - Division of Finance
Chapter 2 - Banks and Trust Companies
Section 20 CSR 1140-2.090 - Originating Trustees

Universal Citation: 20 MO Code of State Regs 1140-2.090

Current through Register Vol. 49, No. 18, September 16, 2024

PURPOSE: This amendment updates requirements for originating trustee applicants and deletes the outdated thirty- (30-) year-old form included with this rule.

(1) Application. Applications to act as an originating trustee are to be in a form prescribed by the commissioner and shall be accompanied by a certified copy of the contracting trustee's authorization to act as a trustee, a copy of the contract between the originating trustee and the contracting trustee and a copy of the board resolution calling for the establishment of the contract.

(2) Criteria. In considering an application to become an originating trustee, the commissioner will consider the following:

(A) Whether the contracting trustee is supervised by either a state or federal bank regulatory agency; and

(B) Whether termination provisions in the contract will protect the customer which, for purposes of this rule, shall mean the grantor, known beneficiaries or any other interested party. These provisions shall include prohibiting termination unless-
1) a successor trustee has accepted appointment as trustee,

2) the customer has rescinded the trust,

3) a court has appointed a successor trustee or

4) any other provision providing comparable protections.

*Original authority: 361.105, RSMo 1967 and 362.116, RSMo 1983, amended 1984.

Disclaimer: These regulations may not be the most recent version. Missouri may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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