Section 409.615 Refusal of request for disbursement, when

Section 409.615 Refusal of request for disbursement, when — expiration.

MO Rev Stat § 409.615 (2019) (N/A)

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Effective 28 Aug 2015

409.615. Refusal of request for disbursement, when — expiration. — 1. A qualified individual may refuse a request for disbursement from the account of a qualified adult, or an account on which a qualified adult is a beneficiary or beneficial owner, if:

(1) The qualified individual reasonably believes that the requested disbursement will result in financial exploitation of the qualified adult; and

(2) The broker-dealer or qualified individual:

(a) Within two business days makes a reasonable effort to notify all parties authorized to transact business on the account orally or in writing, unless such parties are reasonably believed to have engaged in suspected or attempted financial exploitation of the qualified adult; and

(b) Within three business days notifies the agencies.

2. Any refusal of a disbursement as authorized by this section shall expire upon the sooner of:

(1) The time when the broker-dealer or qualified individual reasonably believes that the disbursement will not result in financial exploitation of the qualified adult; or

(2) Ten business days after the initial refusal of disbursement by the qualified individual.

3. A court of competent jurisdiction may enter an order extending the refusal of a disbursement or any other protective relief.

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(L. 2015 S.B. 244)

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