Missouri Laws 362.1060 v2 – Permissible acts — foreign companies, exercise of trust powers
1. A family trust company may, but only for family members:
(1) Act as a sole or copersonal representative, executor, or administrator for a probate estate within or outside this state;
Terms Used In Missouri Laws 362.1060 v2
- Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
- Bank: means any corporation soliciting, receiving or accepting money, or its equivalent, on deposit as a business, whether the deposit is made subject to check, or is evidenced by a certificate of deposit, a passbook, a note, a receipt, or other writing, and specifically a commercial bank chartered under this chapter or a national bank located in this state. See Missouri Laws 362.010
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Fiduciary: A trustee, executor, or administrator.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- Probate: Proving a will
- State: when applied to any of the United States, includes the District of Columbia and the territories, and the words "United States" includes such district and territories. See Missouri Laws 1.020
- Trustee: A person or institution holding and administering property in trust.
(2) Act as an attorney-in-fact or agent under a power of attorney;
(3) Except as provided under section 362.1065, act within or outside this state as a sole fiduciary or cofiduciary, including acting as a trustee, advisory agent, assignee, assignee for the benefit of creditors, authenticating agent, bailee, bond or indenture trustee, conservator, conversion agent, custodian, escrow agent, fiscal or paying agent, financial advisor, guardian, investment advisor or manager, managing agent, purchase agent, receiver, registrar, safekeeping or subscription agent, transfer agent for entities other than public companies, warrant agent, or other similar capacity generally performed by a corporate trustee. In so acting, the family trust company may possess, purchase, sell, invest, reinvest, safekeep, or otherwise manage or administer the real or personal property of family members;
(4) Exercise the powers of a corporation or limited liability company incorporated or organized under the laws of this state, or qualified to transact business as a foreign corporation or limited liability company under the laws of this state that are reasonably necessary to enable the trust company to fully exercise a power conferred under sections 362.1010 to 362.1117 in accordance with commonly accepted customs and usages;
(5) Delegate duties and powers, including investment and management functions under section 469.909, in accordance with the powers granted to a trustee under chapter 456 or other applicable law and retain agents, attorneys, accountants, investment advisors, or other individuals or entities to advise or assist the family trust company in the exercise of its powers and duties under sections 362.1010 to 362.1117 and chapter 456. Such exercise of power may include, but is not limited to, retaining a bank trust department or a public trust company other than another family trust company; and
(6) Perform all acts necessary to exercise the powers enumerated in this section or authorized under sections 362.1010 to 362.1117 and other applicable laws of this state.
2. A foreign family trust company in good standing in the jurisdiction in which it is incorporated or organized may exercise all the trust powers in this state that a Missouri family trust company may exercise.