LegalFix
Sign In

Section 456.10-1012 Protection of person dealing with trustee.

MO Rev Stat § 456.10-1012 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

Effective 01 Jan 2005, see footnote

456.10-1012. Protection of person dealing with trustee. — 1. A person other than a beneficiary who in good faith assists a trustee, or who in good faith and for value deals with a trustee, without knowledge that the trustee is exceeding or improperly exercising the trustee's powers is protected from liability as if the trustee properly exercised the power.

2. A person other than a beneficiary who in good faith deals with a trustee is not required to inquire into the extent of the trustee's powers or the propriety of their exercise.

3. A person who in good faith delivers assets to a trustee need not ensure their proper application.

4. A person other than a beneficiary who in good faith assists a former trustee, or who in good faith and for value deals with a former trustee, without knowledge that the trusteeship has terminated is protected from liability as if the former trustee were still a trustee.

5. Comparable protective provisions of other laws relating to commercial transactions or transfer of securities by fiduciaries prevail over the protection provided by this section.

­­--------

(L. 2004 H.B. 1511)

Effective 1-01-05

Previous Section
Section 456.10-1011 Interest as general partner.
Next Section
Section 456.10-1013 Certification of trust.