370.275. Trust accounts, requirements--beneficiaries' rights--payment a discharge of liability, when--death of trust account owner, procedure. - Missouri Statutes

Trust accounts, requirements--beneficiaries' rights--payment adischarge of liability, when--death of trust account owner, procedure.

370.275. Shares, share certificates, deposits and depositcertificates may be held in the name of a member in trust for abeneficiary, in the name of a nonmember in trust for abeneficiary who is a member or in the name of a trustee of atrust of which a member is grantor, trustee or beneficiary.Beneficiaries may be a minor or minors. No beneficiary, trusteeor grantor of a trust, unless a member in his own right, shall bepermitted to vote, obtain loans, hold office or be required topay an entrance or membership fee. Payment of part or all ofsuch a trust account to the party in whose name the account isheld shall, to the extent of such payment, discharge theliability of the credit union to that party and to thebeneficiary, and the credit union shall be under no obligation tosee to the application of such payment. In the event of death ofthe party in whose name a trust account is held, and if thecredit union has been given no other written notice of theexistence or terms of any trust, account funds and any dividendsor interest thereon shall be paid to the beneficiary.

(L. 1984 H.B. 962, A.L. 1994 H.B. 1312)