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MO HB1349
Bill
Status
Engrossed
3/5/2012
Primary Sponsor
Caleb Jones
Click for details
AI Summary
- Repeals and replaces section 362.333 of Missouri law regarding transfer of fiduciary obligations for irrevocable life insurance trusts
- Expands eligibility for trust transfers to include any bank or trust company with authorized trust authority created under Missouri or any other state or national laws, not just out-of-state banks
- Permits banks and trust companies to transfer irrevocable life insurance trust obligations by assignment with or without consideration to any eligible bank or trust company
- Requires transfers to follow regulatory procedures outlined in section 362.332 and releases the transferring institution from fiduciary obligations as of the transfer effective date
- Preserves liability of the transferring bank or trust company for any breach of fiduciary duty that occurred before the transfer date
Legislative Description
Changes the laws regarding irrevocable life insurance trusts
Last Action
Second Read and Referred: Judiciary and Civil and Criminal Jurisprudence (S)
3/8/2012
Committee Referrals
Judiciary And Civil And Criminal Jurisprudence3/8/2012
Rules2/7/2012
Financial Institutions1/25/2012
Full Bill Text
No bill text available