362.011. Trust business not engaged in, when--prohibition on use of words "trust company", when. - Missouri Statutes

Trust business not engaged in, when--prohibition on use of words"trust company", when.

362.011. 1. For the purposes of this chapter, a person does notengage in the trust business by:

(1) The rendering of fiduciary services by an attorney-at-lawadmitted to the practice of law in this state;

(2) Rendering services as a certified or registered public accountantin the performance of duties as such;

(3) Acting as a trustee or receiver in bankruptcy;

(4) Engaging in the business of an escrow agent;

(5) Receiving rents and proceeds of sale as a licensed real estatebroker on behalf of the principal;

(6) Acting as trustee under a deed of trust made only as security forthe payment of money or for the performance of another act;

(7) Acting in accordance with its authorized powers as a religious,charitable, educational, or other not-for-profit corporation or as acharitable trust or as an unincorporated religious organization;

(8) Engaging in securities transactions as a dealer or salesman;

(9) Acting as either a receiver under the supervision of a court oras an assignee for the benefit of creditors under the supervision of acourt; or

(10) Engaging in such other activities that the director mayprescribe by rule.

2. Persons consigned to be not engaged in the trust business pursuantto subsection 1 of this section shall not use the words "trust company" aspart of any artificial or corporate name or title nor shall such personsengage in any other conduct that violates section 362.425.

(L. 2002 H.B. 1537 merged with S.B. 742)