443.350. Foreign corporation or person not to act as trustee, unless domestic corporation or resident trustee be named as cotrustee--domestic corporation under no disability because articles do not co - Missouri Statutes

Foreign corporation or person not to act as trustee, unless domesticcorporation or resident trustee be named as cotrustee--domesticcorporation under no disability because articles do not containspecific power.

443.350. No foreign corporation or individual shall act astrustee in any security instrument made after August 28, 1994,affecting any property, real or personal, situate or being inthis state, unless in such instrument there is named as cotrusteea corporation organized under the laws of this state, or anindividual citizen of the state of Missouri. If any Missouricorporation is designated trustee in any security instrument oris appointed a successor trustee, it shall not be considered tobe subject to any disability to act as such because it isorganized under a chapter of the Missouri revised statutes otherthan chapter 362, RSMo, or because its articles of incorporationdo not contain a specific power to execute trusts or serve astrustee under security instruments.

(RSMo 1939 § 3482, A.L. 1994 H.B. 1312)

Prior revisions: 1929 § 3095; 1919 § 2254; 1909 § 2859

CROSS REFERENCE:

Trust company's powers under reciprocal corporate fiduciary powers act, RSMo 362.600