Read 1st time January 11, 2000, and 1000 copies ordered printed.
ANNE C. WALKER, Chief Clerk
AN ACT
To amend chapter 456, RSMo, relating to trusts and trustees by adding thereto one new section relating to removal of a corporate trustee.
Section A. Chapter 456, RSMo, is amended by adding thereto one new section, to be known as section 456.181, to read as follows:
456.181. 1. If a corporate trustee acting as sole or co-trustee is sold to, acquired by or merged with another corporate trustee before, on or after the date of enactment of this section, then such corporate trustee may be removed by a majority in interest of the beneficiaries then entitled to receive the income from the trust estate or, if the interest of the income beneficiaries is indefinite, by a majority in number of the beneficiaries then eligible to have the benefit of the income of the trust estate. Such removal shall be by an instrument in writing delivered to such acting corporate trustee.
2. Unless the governing trust instrument provides otherwise, upon the removal of a corporate trustee as provided in subsection 1 of this section, a successor corporate trustee shall be appointed by a majority in interest of the beneficiaries then entitled to receive the income from the trust estate or, if the interest of the income beneficiaries is indefinite, by a majority in number of the beneficiaries then eligible to have the benefit of the income of the trust estate, by an instrument in writing delivered to the successor corporate trustee, who shall become the successor corporate trustee upon written acceptance of the appointment. The successor corporate trustee shall have all rights, duties, powers and responsibilities as the removed corporate trustee.
3. For the purposes of this section the term "corporate trustee" shall mean a corporation that is authorized by law to exercise fiduciary powers in the state of Missouri.
4. The removal of a corporate trustee pursuant to the provisions of this section shall not be deemed to be or constitute a termination or distribution with respect to the trust estate.
5. The removal and replacement of a corporate trustee pursuant to the provisions of this section may be exercised free from any judicial intervention and without the order, approval or other action of any court, except as otherwise provided by law.
6. The provisions of this section shall apply to all trust instruments unless the governing trust instrument
expressly refers to this section and provides otherwise.
Missouri House of Representatives