PURPOSE: Section 362.116, RSMo permits a state-chartered bank, with the approval of the commissioner of finance, to become an originating trustee which can originate trust accounts to be administered by a bank or trust company with full fiduciary powers, known as the contracting trustee. This rule sets out the information which the commissioner will require of an applicant and declares the criteria the commissioner will use in considering the application.

1. (1) Application. Applications for the commissioner’s approval to become an originating trustee are available from the offices of the Division of Finance, P.O. Box 716, Jefferson City, MO 65102. The application will require, as minimum information, the name and address of the applicant institution, the name of the employee of the applicant institution who will be designated as trust officer, the name and address of the proposed contracting trustee, a certified copy of the contracting trustee’s authorization to act as a trustee, a copy of the contract between the originating trustee and the contracting trustee and a copy of the board resolution calling for the establishment of the contract.

2. (2) Criteria. In considering an application to become an originating trustee, the commissioner will consider the following:

   1. (A) Whether the contracting trustee is supervised by either a state or federal bank regulatory agency; and
   2. (B) Whether termination provisions in the contract will protect the customer which, for purposes of this rule, shall mean the grantor, known beneficiaries or any other interested party. These provisions shall include prohibiting termination unless—1) a successor trustee has accepted appointment as trustee, 2) the customer has rescinded the trust, 3) a court has appointed a successor trustee or 4) any other provision providing comparable protections.
3. (3) Affidavit of Originating Trustees. Upon request of the contracting trustee, the originating trustee may provide an affidavit 20 CSR 1140-2

declaring that the contracting trustee has authority to act concerning a specific trust. The affidavit shall be signed by an officer of the originating trustee and shall be in essentially the following form: (Name of Officer), first being sworn, states that s/he is an officer in (Name of Originating Trustee) which has authority to act as originating trustee per section 362.116, RSMo, and that said institution has contracted with (Name of Contracting Trustee) to provide trust services in connection with the trust of (Name of Trust). Further affiant saith not.

AUTHORITY: sections 361.105 and 362.116, RSMo 1986.* This rule originally filed as 4 CSR 140-2.090. Original rule filed Aug. 15, 1983, effective Nov. 11, 1983. Moved to 20 CSR 1140-2.090, effective Aug. 28, 2006.

*Original authority: 361.105, RSMo 1967 and 362.116, RSMo 1983, amended 1984. AND INSURANCE Division 1140—Division of Finance AND INSURANCE Division 1140—Division of Finance AND INSURANCE