HCS SB 304 -- REMOVAL OF CORPORATE TRUSTEES

SPONSOR:  Klarich (Monaco)

COMMITTEE ACTION:  Voted "do pass by consent" by the Committee
on Judiciary by a vote of 17 to 0.

This substitute allows settlors, co-trustees, or beneficiaries
of a trust to petition for removal of a successor corporate
trustee.  The court may suspend, restrict, or remove such a
trustee upon certain findings.  The court will appoint a
successor if the trustee is removed, except where the trust
provides for a co-trustee or successor trustee.  The trust must
pay the trustee's attorney fees if the trustee is not removed by
the court.

FISCAL NOTE:  No impact on state funds.

PROPONENTS:  Supporters say that the bill is necessary to help
effectuate the wishes and intentions of trust settlors.

Testifying for the bill were Senator Klarich; and Missouri
Bankers Association.

OPPONENTS:  There was no opposition voiced to the committee.

Julie Jinkens McNitt, Legislative Analyst

Missouri House of Representatives
Last Updated November 26, 2001 at 11:47 am