210.560. Money held by others for benefit of a child, definitions, liability to the state for funds expended for child, when--money held by division of family services for a child, accounting, deposit
Money held by others for benefit of a child, definitions, liability tothe state for funds expended for child, when--money held by divisionof family services for a child, accounting, deposit of funds, annualstatement, disposal of funds--escheat, when.
210.560. 1. As used in this section, the following termsshall mean:
(1) "Child", any child placed in the legal custody of thedivision under chapter 211, RSMo;
(2) "Division", the division of family services of thedepartment of social services of the state of Missouri;
(3) "Money", any legal tender, note, draft, certificate ofdeposit, stocks, bond or check;
(4) "Vested right", a legal right that is more than a mereexpectancy and may be reduced to a present monetary value.
2. The child, the child's parents, any fiduciary or anyrepresentative payee holding or receiving money that are vestedrights solely for or on behalf of a child are jointly andseverally liable for funds expended by the division to or onbehalf of the child. The liability of any person, except aparent of the child, shall be limited to the money received inhis fiduciary or representative capacity. The Missouri stategovernment shall not require a trustee or a financial institutionacting as a trustee to exercise any discretionary powers in theoperation of a trust.
3. The division may accept an appointment to serve asrepresentative payee or fiduciary, or in a similar capacity forpayments to a child under any public or private benefitarrangement. Money so received shall be governed by this sectionto the extent that laws and regulations governing payment of suchbenefits provide otherwise.
4. Any money received by the division on behalf of a childshall be accounted for in the name of the child. Any money inthe account of a child may be expended by the division for careor services for the child. The division shall by rule adoptedunder chapter 536, RSMo, establish procedures for the accountingof the money and the protection of the money against theft, lossor misappropriation.
5. The division shall deposit money with a financialinstitution. Any earnings attributable to the money in theaccount of a child shall be credited to that child's account.The division shall receive bids from banking corporations,associations or trust companies which desire to be selected asdepositories of children's moneys for the division.
6. The division may accept funds which a parent, guardian orother person wishes to provide for the use or benefit of thechild. The use and deposit of such funds shall be governed bythis section and any additional directions given by the providerof the funds.
7. Each child for whose benefit funds have been received bythe division and the guardian ad litem of such child shall befurnished annually with a statement listing all transactionsinvolving the funds which have been deposited on the child'sbehalf, to include each receipt and disbursement.
8. The division shall use all proper diligence to dispose ofthe balance of money accumulated in the child's account when thechild is released from the care and custody of the division orthe child dies. When the child is deceased the balance shall bedisposed of as provided by law for descent and distribution. If,after the division has diligently used such methods and means asconsidered reasonable to refund such funds, there shall remainany money, the owner of which is unknown to the division, or ifknown, cannot be located by the division, in each and every suchinstance such money shall escheat and vest in the state ofMissouri, and the director and officials of the division shallpay the same to the state director of the department of revenue,taking a receipt therefor, who shall deposit the money in thestate treasury to be credited to a fund to be designated as"escheat".
9. Within five years after money has been paid into thestate treasury, any person who appears and claims the money mayfile a petition in the circuit court of Cole County, Missouri,stating the nature of the claim and praying that such money bepaid to him. A copy of the petition shall be served upon thedirector of the department of revenue who shall file an answer tothe same. The court shall proceed to examine the claim and theallegations and proof, and if it finds that such person isentitled to any money so paid into the state treasury, it shallorder the commissioner of administration to issue a warrant onthe state treasurer for the amount of such claim, but withoutinterest or costs. A certified copy of the order shall besufficient voucher for issuing a warrant; provided, that eitherparty may appeal from the decision of the court in the samemanner as provided by law in other civil actions.
10. All moneys paid into the state treasury under theprovisions of this section after remaining there unclaimed forfive years shall escheat and vest absolutely in the state and becredited to the state treasury, and all persons shall be foreverbarred and precluded from setting up title or claim to any suchfunds.
11. Nothing in this section shall be deemed to apply tofunds regularly due the state of Missouri for the support andmaintenance of children in the care and custody of the divisionor collected by the state of Missouri as reimbursement for statefunds expended on behalf of the child.
(L. 1987 S.B. 244 § 4)