456.007. Lessor, trustee of deposits by lessee, when--exception.

MISSOURI STATUTES AND CODES

456.007. Lessor, trustee of deposits by lessee, when--exception.

Lessor, trustee of deposits by lessee, when--exception.

456.007. 1. Whenever any person, firm or corporation, engaged in theleasing of personal property, shall require a deposit or advance payment tobe made by the lessee to bind the lessee to the performance of suchcontract, then such money so deposited, with any accruing interest thereon,shall, until returned or applied in accordance with the terms of suchcontract or agreement, continue to be the money of the person making thedeposit and shall become and remain a trust fund in the possession of theperson with whom such deposit shall be made, and the person, firm orcorporation, receiving such deposit shall be the holder of such fund astrustee, and as the trustee as herein defined shall forthwith, and withinseven days after the receipt of such trust fund, deposit the same in somebank or trust company in the county in which the cestui que trust shallreside or have his principal office or place of business, and such fundshall not be mingled with any other funds or assets of such trustee. Anyperson, firm or corporation receiving any money in trust, as hereindefined, who shall violate any of the provisions of this section shall bedeemed guilty of a misdemeanor; provided, however, that this section andsection 456.009 shall not apply to such transactions where the propertyused or leased is delivered to lessee at time of agreement and remains inthe actual and continuous possession of lessee during the term of suchagreement.

2. Subsection 1 of this section shall not apply to any lease enteredinto by lessors which are banks, trust companies, savings and loanassociations, savings banks and credit unions, their subsidiaries andaffiliates, or to any other financial institutions as defined insubdivision (4) of section 381.410, RSMo, or to other lessors in commerciallease transactions of at least twenty-five thousand dollars.