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the office of the bank commissioner, whereupon his conclusion shall be taken as final. (Laws 1915, p. 167.)

Sec. 11801. Provisions relating to appointment of and exercise of powers as executor and in other fiduciary capacities.-1. When any trust company organized under the laws of this state shall have been nominated as executor of the last will of any deceased person, the court or officer authorized under the law of this state to grant letters testamentary thereon shall, upon proper application, grant letters testamentary thereon to such trust company or to its successor by merger.

2. When application is made for the appointment of an administrator with will annexed on the estate of any deceased person, and there is no person entitled to such letters, or if there be one so entitled then, on the application of any such person, the court or officer making the appointment may grant letters of administration with will annexed to any trust company.

3. Any trust company may be appointed guardian, curator, trustee, administrator with or without will annexed, receiver, assignee, or in any other fiduciary capacity, in the manner now provided by law for appointment of individuals to any such office. On the application of any natural person acting in any such office, or on the application of any natural persons acting jointly in any such office, any trust company may be appointed by the court or officer, having jurisdiction in the place and stead of any such person or persons; or on the application of any such person or persons any trust company may be appointed to any such office to act jointly with any such person or persons theretofore appointed, or appointed at the same time, provided such appointment shall not increase the compensation to be paid the joint fiduciaries over the amount under the law payable to a fiduciary acting alone.

4. Any natural person or persons heretofore or hereafter appointed as guardian, curator, trustee, administrator with or without will annexed, receiver, assignee, or in any other fiduciary capacity, desiring to have their bond under such office reduced, or desiring to be appointed under a reduced bond, such person or persons may apply to the court to have his appointment put or made under such limitations of powers and upon such terms and conditions as to the deposit of assets by such person or presons with any trust company, under such reduced bond to be given by such person or persons as the court or judge shall prescribe, and the court or judge may make any proper order in the premises.

5. All investments made by any trust company of money received by it in any fiduciary capacity shall be at its sole risk, and for all losses of such money the capital stock and property

of the company shall be absolutely liable, unless the investments are such as are proper when made by an individual acting in such fiduciary capacity, or such as are permitted under and by the instrument or order creating or defining the trust.

6. Such court or officer may make orders respecting such trusts and require any trust company to render all accounts, which such court or officer might lawfully require if such executor, administrator, guardian, trustee, receiver, depositary or such trust company acting in any other fiduciary capacity, were a natural person.

7. Upon the appointment of a trust company to any fiduciary office, no official oath shall be required.

8. Property or securities received or held by a trust company in any fiduciary capacity shall be a special deposit in such trust company, and the accounts thereof shall be kept separate from each other and separate from the company's individual business. Such property or securities held in trust shall not be mingled with the investments of the capital stock or other property belonging to such trust company or be liable for the debts or obligations thereof. For the purposes of this section, such corporation shall have a trust department, in which all business authorized by subdivisions 3, 4, 5, 7, 8, 9 of section 11799 shall be kept separate and distinct from its general business.

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9. Unless otherwise provided in the instrument creating the trust, on all sums, not less than one hundred dollars, which shall be held by a trust company in any fiduciary capacity, or as depositary of moneys paid into court, interest shall be allowed by such trust company at not less than the rate of two per centum per annum, compounded annually until the moneys so received shall be duly expended or distributed.

10. The accounts, securities and all records of any trust company relating to a trust committed to it shall be open for the inspection of all persons interested in such trust.

11. Effect of merger or consolidation. When any trust company organized under the laws of this state shall have been appointed executor of the last will of any deceased person, or administrator, with or without the will annexed, of the estate of any deceased person, or guardian, curator, trustee, receiver, assignee, or in any other fiduciary capacity, in the manner provided by law for appointment to any such office, and if such trust company has heretofore merged or consolidated with, or shall hereafter merge or consolidate with any other trust company organized under the laws of this state, then, at the option of said first mentioned company, and upon the filing by it with the court having jurisdiction of the estate being administered, of a certifi cate of such merger or consolidation, together with a statement

that such other trust company is to thereafter administer the estate held by it and an acceptance by said latter trust company of the trust to be administered, such certificate, statement and acceptance to be executed by the president or vice-president of said respective companies and to have affixed thereto the corporate seals of said respective companies, attested by the secretary thereof, and further upon the approval of said court and the giving of such bond as may be required, all the rights, privileges, title and interest in and to all property of whatsoever kind, whether real, personal or mixed, and things in action, belonging to said trust estate, and every right, privilege or asset of conceivable value or benefit then existing which would inure to said estate under an unmerged or unconsolidated existence of said first mentioned company, shall be fully and finally and without right or reversion transferred to and vested in the corporation into which it shall have been merged or with which it shall have been consolidated, without further act or deed, and such last mentioned corporation shall have and hold the same in its own right as fully as the same was possessed and held by the corporation from which it was, by operation of the provisions of this section, transferred, and said corporation shall succeed to all the relations, obligations and liabilities, and shall execute and perform all the trusts and obligations devolving upon it, in the same manner as though it had itself assumed the relation of trust. (Laws 1915, p. 168.)

Sec. 11802. Trust guaranty fund. The directors may from time to time set apart, as a trust guaranty fund, such portion of the profits as they may consider expedient. Such fund shall be invested in such securities only as are legal for the investment of trust funds. The accounts of this fund, and the securities in which it is invested, shall be kept in the trust department. (Laws 1915, p. 170.)

Sec. 11803. Application of trust guaranty fund.—The trust guaranty fund shall be absolutely pledged for the faithful performance by the trust company of its duties and undertakings under the provisions of subdivisions three, four, five, seven, eight and nine of section 11799, and shall be applied to make good any default in such performance, and such pledge and liability shall not in any way relieve the stock and general funds of the trust company, but creditors under said subdivisions shall have an equal claim with other creditors upon the capital and other property of the trust company, in addition to the security hereby given and in addition to the deposit made with the bank commissioner under the provisions of section 11838. No portion of such trust guaranty fund shall be transferred to the general capi

tal while the trust company has undertakings of the kinds mentioned in subdivisions three, four, five, seven, eight and nine of section 11799 for whose performance bonds are required from individuals, outstanding and uncompleted, but income therefrom, if not required at any dividend time to make good such undertakings, may be added to and disposed of with the general income of the trust company. (Laws 1915, p. 170.)

Sec. 11804. Restrictions on power to accept or execute trusts. When any corporation shall have been named as executor in any will hereafter executed, and shall have qualified as such, the presumption shall be that such will was not prepared by a salaried employe of said corporation; but upon the application of any heir, devisee or legatee, made in the probate court of the county for the removal of such executor said presumption may be rebutted by evidence satisfactory to the court hearing such application, unless said will or some codicil or certificate attached thereto shall contain a recital that at or before the execution of said will, the testator had advice or counsel in relation thereto from some one not under salary from said corporation. In the absence of such recital, the court may on such application and upon satisfactory evidence that said will was prepared by a salaried employe of said corporation, revoke the appointment of, and remove such corporation as such executor. (Laws 1915, p. 170.) Sec. 11805. Executors and certain other persons not liable as stockholders. No person holding stock in the corporation as executor, administrator, guardian, or trustee, and no person holding such stock as collateral security, shall be personally subject to any liability as stockholder in such corporation; but the person pledging such stock shall be considered as holding the same, and shall be liable as stockholder accordingly. And the estate and funds in the hands of such executors, administrators, guardians or trustees shall be liable in like manner and to the same extent as the testator or intestate, or the ward or person interested in such trust fund would have been if he had been living and competent to act and hold the same stock in his own name. (Laws 1915, p. 171.)

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Sec. 11806. Restrictions on taking and holding real estate.All real estate purchased by any trust company or taken by it in its own right, in settlement of debts due it, shall be conveyed to it directly by name and the conveyance immediately recorded in the office of the proper recording officer of the county or city in which such real estate is located. Every parcel of real estate so purchased or acquired by any trust company shall be sold by it within six years of the date on which it shall have been acquired

unless there shall be a building thereon occupied in whole or in part by it as an office: Provided, that if at any time a trust company changes its location it may have six years from the date of such change to sell the former location. (Laws 1915, p. 171.)

Sec. 11807. Restrictions on loans, purchases of securities and total liabilities to trust company of any one person. A trust company subject to the provisions of this article:

1. Shall not directly or indirectly lend to any individual, partnership, corporation, or body politic, either by means of letters of credit, by acceptance of drafts or by discount or purchase of notes, bills of exchange or other obligations of such individual, partnership, corporation or body politic, an amount or amounts in the aggregate which will exceed fifteen (15) per centum of the capital stock actually paid in and surplus fund of such trust company, if located in a city having a population of one hundred thousand or over; and twenty (20) per centum of the capital stock actually paid in and surplus fund of such trust company, if located in a city having a population of less than one hundred thousand and over seven thousand and twenty-five (25) per centum of the capital stock actually paid in and surplus fund of such trust company if located elsewhere in the state, with the following exceptions:

(a) The restrictions in this subdivision shall not apply to loans to, or investments in the interest-bearing obligations of the United States, this state or any city, county, town, village or political subdivision of this state.

(b) The total liability to such trust company of any state other than the state of Missouri, or of any foreign nation, or of a municipal or railroad corporation, or of a corporation subject to the jurisdiction of a public service commission of this state, may equal but not exceed twenty-five per centum of the capital stock actually paid in and surplus fund of such trust company; and the total liabilities to such trust company of any individual, partnership, or of any other corporation or body politic, may equal but not exceed twenty-five per centum of the capital stock actually paid in and surplus fund of such trust company, provided that at least ten (10) per centum of such total liabilities, if the trust company is located in a city having a population of one hundred thousand or over, and at least five (5) per centum of such total liabilities if the trust company is located in a city having a population of less than one hundred thousand and over seven thousand, are (a) upon commercial or business paper actually owned by the person negotiating the same to such trust company, and are endorsed by such person without limitation, or (b) are secured by collateral security having an ascertained market value

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