SB 1235 Modifies provisions related to a trustee's powers under the Missouri Uniform Trust Code
Sponsor: Justus
LR Number: 5391S.02T Fiscal Note: 5391-02
Committee: Judiciary and Civil & Criminal Jurisprudence
Last Action: 6/25/2008 - Signed by Governor Journal Page:
Title: SCS SB 1235 Calendar Position:
Effective Date: August 28, 2008

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Current Bill Summary

SCS/SB 1235 - Current law provides that a trustee may invest and reinvest trust assets in securities or obligations of any state or its political subdivisions, including securities that are underwritten by the trustee or an affiliate thereof. This act provides that in addition to the authority in current law, the trustee may invest trust assets in U.S. government obligations or other interests in any open-end or closed-end management investment company or investment trust registered under federal law, including but not limited to U.S. government obligations or repurchase agreements collateralized by such obligations, notwithstanding that the provided that the governing instrument or order requires or permits investment in U.S. government obligations, and provided that the portfolio of the investment company or investment trust is limited to U.S. government obligations and to repurchase agreements fully collateralized by such obligations, and provided that the investment company or trust takes delivery of such collateral.

The act also provides that a bank, trust company, or affiliate, when acting as an investment advisor, custodian, or otherwise in a fiduciary capacity with respect to the investment of assets, may invest and reinvest such assets subject to the standards contained in this act, and subject to the Missouri Prudent Investor Act within Chapter 469, RSMo. Also, such entities may invest trust assets in shares or interests in a partnership or limited liability company or other entity that operates as a privately-offered investment fund.