Missouri Laws 475.322 – Use of multiple-party accounts and joint property
When a protectee:
(1) Purchased United States bonds in co-ownership form, payable to himself and another or the survivor, or in beneficiary form, payable to himself during his lifetime and to another upon his death;
Terms Used In Missouri Laws 475.322
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Claims: liabilities of the protectee arising in contract, in tort or otherwise, before or after the appointment of a conservator, and liabilities of the estate which arise at or after the adjudication of disability or after the appointment of a conservator of the estate, including expenses of the adjudication and of administration. See Missouri Laws 475.010
- conservator: as used in this chapter , includes limited conservator unless otherwise specified or apparent from the context. See Missouri Laws 475.010
- Joint tenancy: A form of property ownership in which two or more parties hold an undivided interest in the same property that was conveyed under the same instrument at the same time. A joint tenant can sell his (her) interest but not dispose of it by will. Upon the death of a joint tenant, his (her) undivided interest is distributed among the surviving joint tenants.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Missouri Laws 1.020
- Property: includes real and personal property. See Missouri Laws 1.020
- Protectee: a person for whose estate a conservator or limited conservator has been appointed or with respect to whose estate a transaction has been authorized by the court under section 475. See Missouri Laws 475.010
- Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
- Tenancy by the entirety: A type of joint tenancy between husband and wife that is recognized in some States. Neither party can sever the joint tenancy relationship; when a spouse dies, the survivor acquires full title to the property.
- United States: includes such district and territories. See Missouri Laws 1.020
(2) Deposited funds in a joint account in the name of himself and any one or more other persons, and in form to be paid to any one or more of them, or the survivor or survivors of them, or in an account payable to himself during his lifetime and upon his death to another, or in an account in his own name upon revocable trust for another; or
(3) Owns real or personal property in joint tenancy or tenancy by the entirety;
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the conservator may, with the authorization or approval of the court, redeem such bonds, withdraw funds from such account, and sell, exchange or mortgage the protectee’s estate or interest in such joint or entirety property, to the extent that funds are needed to pay expenses under section 475.125 or claims under section 475.211. With respect to property held in joint tenancy, the provisions of sections 362.470 and 369.174 shall be applicable and with respect to any property held in tenancy by the entirety, the provisions of section 442.035 shall be applicable and the conservator, with or without court approval, shall not have authority to redeem, withdraw, sell, exchange or mortgage the protectee’s estate or interest in such entirety property without the approval of the other tenant by the entirety. The court shall not authorize or approve such redemption, withdrawal, sale, exchange or mortgage as to the share contributed to the purchase of such bonds, the making of deposits in such an account, or the acquisition of such joint or entirety property by the co-owner or beneficiary of the bonds, a joint depositor, a person to whom an account is payable on death, a beneficiary of a revocable trust of an account, or a cotenant of property.