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SB 623 - Under current law, Missouri banks and trust companies with trust powers under any law, and national banks with their principal place of business in Missouri with trust powers under the laws of the United States are allowed to transfer all of their fiduciary obligations to another such entity. This act allows all banks and trust companies authorized to exercise trust powers under Missouri law and all national banks authorized to exercise trust powers under any law to do the same. Currently, Missouri banks and trust companies are authorized to transfer fiduciary obligations consisting only of irrevocable life insurance trusts to the Missouri trust office of an out of state bank with trust powers or to an out of state trust company. This act allows all banks and trust companies authorized to exercise trust powers under Missouri law and all national banks authorized to exercise trust powers under any law to transfer those obligations to any such banks and trust companies. CHRIS HOGERTY
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