SB 277 Authorizes financial institutions to assign fiduciary obligations relating to irrevocable life insurance trusts
Sponsor: Cunningham
LR Number: 0451S.02T Fiscal Note: 0451-02
Committee: Small Business, Insurance and Industry
Last Action: 6/24/2009 - Signed by Governor Journal Page:
Title: Calendar Position:
Effective Date: August 28, 2009
House Handler: Brandom

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Current Bill Summary

SB 277 - Banks, trust companies, savings and loan associations, and savings banks with authorized trust authority may transfer by assignment, for consideration or no consideration, some or all of its fiduciary obligations consisting only of irrevocable life insurance trusts to the Missouri trust office of an out-of-state bank with trust powers or an out-of-state trust company.

This act is similar to HB 1617 (2008), and HB 239 (2009).