Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 27 - Association Trust Powers › Section 20 CSR 1140-27.010 - Trust Powers

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: By virtue of section 403 of the Depository
				  Institutions Deregulation and Monetary Control Act of 1980, federal savings and
				  loan associations were granted general trust powers. This regulation allows
				  state-chartered savings and loan associations to engage in general trust powers
				  in parity with federal savings and loan associations and also prescribes
				  procedures for the acquisition, exercise and termination of trust powers for
				  state-chartered associations.
(1) As used in this regulation, unless the
				context clearly requires otherwise, the following terms shall have the meanings
				prescribed:
(A) Account means the trust,
				estate or other fiduciary relationship which has been established with an
				association;
(B) Fiduciary means an
				association undertaking to act alone, or jointly with others, primarily for the
				benefit of another in all matters connected with its undertaking and includes
				trustee, executor, administrator, guardian, receiver, managing agent, registrar
				of stocks and bonds, escrow, transfer or paying agent, trustee of employee
				pension, welfare and profit-sharing trusts and any other similar
				capacity;
(C) Fiduciary records
				means all matters which are written, transcribed, recorded, received or
				otherwise come into the possession of an association and are necessary to
				preserve information concerning the actions and events relevant to the
				fiduciary activities of an association;
(D) Guardian means the guardian, conservator
				or committee, by whatever name employed by local law, of the estate of an
				infant or an individual over whose estate a court has taken jurisdiction, other
				than under bankruptcy or insolvency laws;
(E) Investment authority means the
				responsibility conferred by action of law or a provision of an appropriate
				governing instrument to make, select or change investments, review investment
				decisions made by others or to provide investment advice or counsel to
				others;
(F) Local law means the law
				of Missouri or other jurisdiction governing the fiduciary
				relationship;
(G) Managing agent
				means the fiduciary relationship assumed by an association upon the creation of
				an account which names the association as agent and confers investment
				discretion upon the association;
(H) State-chartered corporate fiduciary means
				any bank or corporation or other legal entity authorized to exercise trust
				powers pursuant to Chapter 362, RSMo;
(I) Trust department means that group or
				groups of officers and employees of an association to whom are assigned the
				performance of fiduciary services by the association; and
(J) Trust powers means the power to act in
				any fiduciary capacity authorized to federal associations by section 403 of the
				Depository Institutions Deregulation and Monetary Control Act of 1980, P.L. No.
				96-221, 94 Stat. 132, 12 U.S.C. section 1464(n). Powers under that Act include
				the authority to Act as trustee, executor, administrator, guardian, receiver,
				managing agent, registrar of stocks and bonds, escrow, transfer and paying
				agent, trustee of employee pension, welfare and profit-sharing trusts or in
				other fiduciary capacity which state-chartered corporate fiduciaries exercise
				under local law.