MO SB623

Repeals and replaces section 362.333, RSMo, regarding the transfer of fiduciary obligations by banks and trust companies.

Expands eligibility for fiduciary transfers to include banks or trust companies created under the laws of Missouri, any other state, or as national banks with authorized trust authority (previous law limited transfers to Missouri trust offices of out-of-state banks).

Permits transfer of irrevocable life insurance trusts by assignment, with or without consideration, to any eligible bank or trust company with authorized trust authority.

Requires all fiduciary transfers to comply with regulatory procedures outlined in subsections 2-7 of section 362.332.

Releases the transferring bank or trust company from all transferred fiduciary obligations upon the effective date of transfer, except it remains liable for any breaches of fiduciary duty occurring before the transfer.