404.530. Qualifications of personal custodians, transfer to person not qualified, effect. - Missouri Statutes

Qualifications of personal custodians, transfer to person notqualified, effect.

404.530. An adult person or financial institution shall notbe qualified to be designated personal custodian for property ofa beneficiary who is a resident of this state if the person orfinancial institution is not qualified to be appointedconservator of the estate of the beneficiary under subsection 2of section 475.055, RSMo, or if the financial institution is notlegally authorized to do business in this state. A transfer ofproperty to a person not qualified to act as personal custodianfor the beneficiary under sections 404.400 to 404.650 subjectsthe person to removal as personal custodian under subsection 9 ofsection 404.590, but does not affect the beneficiary's ownershipof the property and the immunities of third persons dealing withthe personal custodian, nor relieve the unqualified person of anyduties or responsibilities imposed on personal custodians undersections 404.400 to 404.650.

(L. 1986 S.B. 651 § 4 subsec. 5, A.L. 1989 H.B. 145)