Missouri § 362.580 - Common trust fund authorized.
Full text of Missouri Revised Statutes of Missouri § 362.580 — Common trust fund authorized., with citation guidance and answers to common questions.
§ 362.580. Common trust fund authorized.
1. Any state or national bank or trust company qualified to act as fiduciary in this state may establish common trust funds for the purpose of furnishing investments to itself as fiduciary, or to itself and others as cofiduciaries, or to other banks and trust companies acting as fiduciaries or cofiduciaries. Funds may be invested in such common trust fund only if the investment is not prohibited by the instrument, judgment, decree, or order creating the fiduciary relationships, and if, in the case of cofiduciaries, the banks or trust companies procure the consent of their cofiduciaries to the investment.
2. This section shall apply to fiduciary relationships now in existence or hereafter established.
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(L. 1967 p. 445, A.L. 1977 S.B. 250)
(Source: RSMo 1959 § 363.225)
(1967) Only a bank acting as fiduciary or cofiduciary is eligible to invest trust funds in a common trust fund maintained by the bank, and these funds cannot be transferred or assigned to another person. Leith v. Mercantile Trust Company National Association (A.), 423 S.W.2d 75.
---- end of effective 28 Aug 1977 ----
Frequently Asked Questions About Missouri § 362.580
What does Revised Statutes of Missouri § 362.580 cover?
Section 362.580 ("Common trust fund authorized.") is part of the Revised Statutes of Missouri, the codified statutory law of Missouri. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Missouri § 362.580?
A common citation format is "Revised Statutes of Missouri § 362.580" (Missouri). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Missouri law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Missouri official source linked on this page or consult a licensed Missouri attorney.
How does Missouri § 362.580 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Missouri can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Missouri.