Missouri Laws 362.207 – Securities held in name of nominee
1. Any state or national bank or trust company qualified to act as a fiduciary in this state may, with the consent of its cofiduciaries, if any, who are hereby authorized to give consent, cause any investments held by it in a fiduciary capacity to be registered and held in the name of a nominee of the bank or trust company without mention of the fiduciary relationship in any instrument or record constituting or evidencing title thereto, unless the instrument, judgment, decree or order heretofore or hereafter creating the fiduciary relationship expressly prohibits the registering and holding of investments in the name of a nominee. The bank or trust company is liable for the acts of any nominee with respect to any investments so registered.
2. The records of the bank or trust company shall at all times show the ownership of any such investments, which investments shall be in the control of the bank or trust company and be kept separate and apart from the assets of the bank or trust company.
Terms Used In Missouri Laws 362.207
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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
- Fiduciary: A trustee, executor, or administrator.
- hereafter: means the time after the statute containing it takes effect. See Missouri Laws 1.020
- Heretofore: means any time previous to the day when the statute containing it takes effect. See Missouri Laws 1.020
- National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
- 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