456.10-1012. Protection of person dealing with trustee. - Missouri Statutes

Protection of person dealing with trustee.

456.10-1012. 1. A person other than a beneficiary who in good faithassists a trustee, or who in good faith and for value deals with a trustee,without knowledge that the trustee is exceeding or improperly exercisingthe trustee's powers is protected from liability as if the trustee properlyexercised the power.

2. A person other than a beneficiary who in good faith deals with atrustee is not required to inquire into the extent of the trustee's powersor the propriety of their exercise.

3. A person who in good faith delivers assets to a trustee need notensure their proper application.

4. A person other than a beneficiary who in good faith assists aformer trustee, or who in good faith and for value deals with a formertrustee, without knowledge that the trusteeship has terminated is protectedfrom liability as if the former trustee were still a trustee.

5. Comparable protective provisions of other laws relating tocommercial transactions or transfer of securities by fiduciaries prevailover the protection provided by this section.

(L. 2004 H.B. 1511)

Effective 1-01-05