447.530. Fiduciary holding intangible personal property for benefit of another presumed abandoned, when, exception.
Fiduciary holding intangible personal property for benefit of anotherpresumed abandoned, when, exception.
447.530. All intangible personal property, and any income orincrement thereon that would be due had the owner not abandoned theaccount, held in a fiduciary capacity for the benefit of another person andincluding property held by an attorney in fact or an agent, except a trustdefined in section 456.500, RSMo, subject to escheat pursuant to theprovisions of sections 456.220 or 456.640 to 456.660, RSMo, is presumedabandoned unless the owner has, within seven years or five years asprovided in section 447.536 after it becomes payable or distributable,increased or decreased the principal, accepted payment of principal orincome, corresponded in writing concerning the property, or otherwiseindicated an interest as evidenced by a memorandum on file with thefiduciary. If unclaimed property in a trust defined in section 456.500,RSMo, has not escheated within the time periods specified in section456.640, RSMo, then such property is subject to the provisions of sections447.500 to 447.595:
(1) If the property is held by a banking organization or a financialorganization, or by a business association organized pursuant to the lawsof or created in this state; or
(2) If it is held by a business association, doing business in thisstate, but not organized pursuant to the laws of or created in this state,and the records of the business association indicate that the last knownaddress of the person entitled thereto is in this state; or
(3) If it is held in this state by any other person; or
(4) Except any property that is held for the benefit of anotherwhether absolute or contingent where the owner has not reached the age oftwenty-one and such property is in a trust or agency account, or is notsubject to a trust as permitted by section 456.012 or 456.013, RSMo.
(L. 1984 H.B. 1088 § 7, A.L. 1986 H.B. 1547, A.L. 1994 S.B. 757, A.L. 1998 H.B. 1510)