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Can you summarize MORS 362.475?
Banks and Trust Companies > Deposits of deceased trustee shall be paid to beneficiary.
Short Summary
According to the Revised Statutes of Missouri, when a deposit is made by a person who identifies themselves as a trustee for another person, and no other written notice of the existence and terms of the trust is provided to the bank or trust company, in the event of the trustee’s death, the deposit or any part of it, along with the dividends or interest, can be paid to the person for whom the deposit was made. This provision ensures that the beneficiary of the trust can access the funds deposited by the deceased trustee without any complications. The case of Butler State Bank v. Duncan further clarifies that a valid and enforceable trust exists when the bank deposit slip and signature card indicate that the account is payable on death to a specific individual, and the depositor expressed their intention for that individual to have ownership rights after their death.
Whom does it apply to?
Banks and trust companies
What does it govern?
Deposits made by a trustee for another person
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Missouri