362.580. Common trust fund authorized. - Missouri Statutes

Common trust fund authorized.

362.580. 1. Any state or national bank or trust companyqualified to act as fiduciary in this state may establish commontrust funds for the purpose of furnishing investments to itselfas fiduciary, or to itself and others as cofiduciaries, or toother banks and trust companies acting as fiduciaries orcofiduciaries. Funds may be invested in such common trust fundonly if the investment is not prohibited by the instrument,judgment, decree, or order creating the fiduciary relationships,and if, in the case of cofiduciaries, the banks or trustcompanies procure the consent of their cofiduciaries to theinvestment.

2. This section shall apply to fiduciary relationships nowin existence or hereafter established.

(L. 1967 p. 445, A.L. 1977 S.B. 250)

(Source: RSMo 1959 § 363.225)

(1967) Only a bank acting as fiduciary or cofiduciary is eligible to invest trust funds in a common trust fund maintained by the bank, and these funds cannot be transferred or assigned to another person. Leith v. Mercantile Trust Company National Association (A.), 423 S.W.2d 75.