Missouri § 362.580 Common trust fund authorized.

Missouri Statutes

§ 362.580 — Common trust fund authorized.

Missouri § 362.580

Title XXIVBUSINESS AND FINANCIAL INSTITUTIONS

Ch. 362Banks and Trust Companies

This text of Missouri § 362.580 (Common trust fund authorized.) is published on Counsel Stack Legal Research, covering Missouri primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Mo. Rev. Stat. § 362.580 (2026).

Text

1.Any state or national bank or trust company qualified to act as fiduciary in this state may establish common trust funds for the purpose of furnishing investments to itself as fiduciary, or to itself and others as cofiduciaries, or to other banks and trust companies acting as fiduciaries or cofiduciaries. Funds may be invested in such common trust fund only if the investment is not prohibited by the instrument, judgment, decree, or order creating the fiduciary relationships, and if, in the case of cofiduciaries, the banks or trust companies procure the consent of their cofiduciaries to the investment.

2.This section shall apply to fiduciary relationships now in existence or hereafter established.

Free access — add to your briefcase to read the full text and ask questions with AI

1. Any state or national bank or trust company qualified to act as fiduciary in this state may establish common trust funds for the purpose of furnishing investments to itself as fiduciary, or to itself and others as cofiduciaries, or to other banks and trust companies acting as fiduciaries or cofiduciaries. Funds may be invested in such common trust fund only if the investment is not prohibited by the instrument, judgment, decree, or order creating the fiduciary relationships, and if, in the case of cofiduciaries, the banks or trust companies procure the consent of their cofiduciaries to the investment.

2. This section shall apply to fiduciary relationships now in existence or hereafter established.

Legislative History

(L. 1967 p. 445, A.L. 1977 S.B. 250) (Source: RSMo 1959 § 363.225) (1967) Only a bank acting as fiduciary or cofiduciary is eligible to invest trust funds in a common trust fund maintained by the bank, and these funds cannot be transferred or assigned to another person. Leith v. Mercantile Trust Company National Association (A.), 423 S.W.2d 75.