456.027. Registration of trust.
Registration of trust.
456.027. 1. The trustee of a trust having its principal place ofadministration in this state may register the trust in the probate divisionof the circuit court of the county wherein the principal place ofadministration is located.
2. "Trust" includes any express trust, private or charitable, withadditions thereto, wherever and however created. It also includes aresulting or constructive trust created or determined by judgment or decreeunder which the trust is to be administered in the manner of an expresstrust. "Trust" excludes other constructive and resulting trusts,guardianships, conservatorships, decedents' estates, and trust accountswith financial institutions in the name of one or more parties as trusteefor one or more beneficiaries where the fiduciary relationship isestablished by the form of the account and the deposit agreement with thefinancial institution, and there is no subject of the trust other than thesums on deposit in such account. "Trust" also excludes custodialarrangements pursuant to chapter 404, RSMo, the Missouri uniform gifts tominors law, paying and transfer agencies, business trusts providing forcertificates to be issued to beneficiaries, investment trusts, common trustfunds, voting trusts, security instruments or arrangements, liquidationtrusts, trusts for the primary purpose of paying debts, dividends,interest, salaries, wages, profits, pensions or employee benefits of anykind, and any arrangements under which a person is nominee or escrowee foranother.
3. Unless otherwise designated in the trust instrument, the"principal place of administration of a trust" is the trustee's usual placeof business where the records pertaining to the trust are kept, or at thetrustee's residence if he has no such place of business. In the case ofcotrustees, the principal place of administration, if not otherwisedesignated in the trust instrument, is:
(1) The usual place of business of the corporate trustee if there isbut one corporate cotrustee; or
(2) The usual place of business or residence of the individualtrustee who is a professional fiduciary if there is but one such person andno corporate cotrustee; and otherwise
(3) The usual place of business or residence of any of the cotrusteesas agreed upon by them.
4. "Professional fiduciary" means an individual trustee whorepresents himself to the public as having specialized training, experienceor skills in the administration of trusts.
5. The right to register under this section does not apply to thetrustee of a trust if registration would be inconsistent with the retainedjurisdiction of a foreign court from which the trustee cannot obtainrelease of registration.
(L. 1983 H.B. 117, A.L. 2004 H.B. 1511)*Transferred 2004; formerly 456.400