Title XXXI, TRUSTS AND ESTATES OF DECEDENTS AND PERSONS UNDER DISABILITY

469.050. Separate interests, disclaimers or acceptance. — Each separate interest in property is subject to disclaimer or acceptance and each separate interest, including any specific amount, part, fraction or asset thereof, or formula amount based on present or future facts indep…

469.070. Contingent interests. — A contingent future interest may be disclaimed in whole or in part under the provisions of this chapter at any time before, or within nine months after, beneficiaries of the interest have been fully ascertained and their interests vested. A vested…

469.080. Per stirpes transfers. — In the case of a per stirpes distribution or vesting, either under an instrument or by operation of law, a prior or subsequent disclaimer by an individual living at the time of the transfer or vesting does not change the stocks that are to be use…

469.090. Special rules for interests under old transfers. — The following rules set forth in subdivisions (1) and (2) of this section shall apply in the case of a vested interest or vested future interest created by a transfer made before 1977, and may apply in such case to lengt…

469.100. Special rule for persons attaining majority — transfers after 1976. — In the case of a transfer made after 1976 creating an interest or future interest that has vested in a person before such person's twenty-first birthday, such interest shall be subject to disclaimer as…

469.110. Chapter not exclusive. — This chapter does not abridge or affect the right of any person to transfer, release, disclaim or renounce any property, interest or power, or elect against a will, under any other statute or under the common law. ­­-------- (L. 1997 S.B. 265)

469.120. Retroactive effect. — This chapter shall be effective with respect to any disclaimer made after August 13, 1982, except that rights which have vested pursuant to any such disclaimer shall not be disturbed by the provisions of this chapter. ­­-------- (L. 1997 S.B. 265)

469.240. Definitions. — 1. In sections 469.240 to 469.350 unless the context or subject matter otherwise requires: (1) "Bank" includes any person or association of persons, whether incorporated or not, carrying on the business of banking; (2) "Fiduciary" includes a trustee under …

469.250. Payment or transfers to fiduciaries or at the direction of the fiduciary, effect on transferor. — A person who in good faith pays or transfers to a fiduciary or to any other person as directed by a fiduciary any money or other property which the fiduciary as such is auth…

469.260. Transfer of negotiable instrument by fiduciary. — If any negotiable instrument payable or endorsed to a fiduciary as such is endorsed by the fiduciary, or if any negotiable instrument payable or endorsed to his principal is endorsed by a fiduciary empowered to endorse su…

469.270. Check drawn by fiduciary payable to third person. — If a check or other bill of exchange is drawn by a fiduciary as such, or in the name of his principal by a fiduciary empowered to draw such instrument in the name of his principal, the payee is not bound to inquire whet…

469.280. Check drawn by and payable to fiduciary. — If a check or other bill of exchange is drawn by a fiduciary as such or in the name of his principal by a fiduciary empowered to draw such instrument in the name of his principal, payable to the fiduciary personally, or payable …

469.290. Deposit in name of fiduciary as such. — If a deposit is made in a bank to the credit of a fiduciary as such, the bank is authorized to pay the amount of the deposit or any part thereof upon the check of the fiduciary, signed with the name in which such deposit is entered…

469.300. Deposit in name of principal. — If a check is drawn upon the account of his principal in a bank by a fiduciary who is empowered to draw checks upon his principal's account, the bank is authorized to pay such check without being liable to the principal, unless the bank pa…

469.310. Deposit in fiduciary's personal account. — If a fiduciary makes a deposit in a bank to his personal credit of checks drawn by him upon an account in his own name as fiduciary, or of checks payable to him as fiduciary, or of checks drawn by him upon an account in the name…

469.320. Deposit in name of two or more trustees. — When a deposit is made in a bank in the name of two or more persons as trustees and a check is drawn upon the trust account by any trustee or trustees authorized by the other trustee or trustees to draw checks upon the trust acc…

469.330. Cases not provided for in law. — In any case not provided for in sections 469.240 to 469.350 the rules of law and equity, including the law merchant and those rules of law and equity relating to trusts, agency, negotiable instruments and banking, shall continue to apply.…

469.340. Uniformity of interpretation. — This law shall be so interpreted and construed as to effectuate its general purpose to make uniform the law of those states which enact it. ­­-------- (L. 1959 S.B. 121 § 12, A.L. 2004 H.B. 1511) Transferred 2004; formerly 456.340

469.350. Short title. — Sections 469.240 to 469.350 may be cited as the "Uniform Fiduciaries Law". ­­-------- (L. 1959 S.B. 121 § 13, A.L. 2004 H.B. 1511) Transferred 2004; formerly 456.350

469.401. Definitions. — As used in sections 469.401 to 469.467, the following terms mean: (1) "Accounting period", a calendar year unless another twelve-month period is selected by a fiduciary. The term includes a portion of a calendar year or other twelve-month period that begin…

469.402. Applicability. — The provisions of sections 456.3-301 to 456.3-305 shall apply to sections 469.401 to 469.467 for all purposes. ­­-------- (L. 2004 H.B. 1511)

469.403. Disbursements to or between principal and income, fiduciary's responsibilities. — 1. In allocating receipts and disbursements to or between principal and income, and with respect to any matter within the scope of sections 469.413 to 469.421, a fiduciary: (1) Shall admini…

469.405. Adjustments between principal and income permitted by trustee, factors to be considered — no adjustment permitted, when. — 1. A trustee may adjust between principal and income to the extent the trustee considers necessary if the trustee invests and manages trust assets a…

469.409. Bar on claim of breach of fiduciary duty, when — applicable rules. — 1. Any claim for breach of a trustee's duty to impartially administer a trust related, directly or indirectly, to an adjustment made by a fiduciary to the allocation between principal and income pursuan…

469.411. Determination of unitrust amount — definitions — exclusions to average net fair market value of assets — applicability of section to certain trusts — net income of trust to be unitrust amount, when. — 1. (1) If the provisions of this section apply to a trust, the unitrus…

469.413. Death of decedent or end of income interest, applicable rules. — After a decedent dies, in the case of an estate, or after an income interest in a trust ends, the following rules apply: (1) A fiduciary of an estate or of a terminating income interest shall determine the …

469.415. Rights of beneficiaries to net income. — 1. Each beneficiary described in subdivision (4) of section 469.413 is entitled to receive a portion of the net income equal to the beneficiary's fractional interest in undistributed principal assets, using values as of the distri…

469.417. Beneficiary entitled to net income, when — asset subject to trust, when — income interest. — 1. An income beneficiary is entitled to net income from the date on which the income interest begins. An income interest begins on the date specified in the terms of the trust or…

469.419. Trustee to allocate income receipt or disbursement, when. — 1. A trustee shall allocate an income receipt or disbursement other than one to which subdivision* (1) of section 469.413 applies to principal if its due date occurs before a decedent dies in the case of an esta…

469.421. Mandatory income interest, undistributed income, paid when. — 1. For purposes of this section, the phrase "undistributed income" means net income received before the date on which an income interest ends. The phrase does not include an item of income or expense that is d…

469.423. Allocations by trustee — entity defined. — 1. For purposes of this section, the term "entity" means a corporation, partnership, limited liability company, regulated investment company, real estate investment trust, common trust fund, or any other organization in which a …

469.425. Allocations to income or principal. — A trustee shall allocate to income an amount received as a distribution of income from a trust or an estate in which the trust has an interest other than a purchased interest, and shall allocate to principal an amount received as a d…

469.427. Separate accounting records maintained, when, procedure. — 1. If a trustee who conducts a business or other activity determines that it is in the best interest of all the beneficiaries to account separately for the business or activity instead of accounting for it as par…

469.429. Allocations to principal. — A trustee shall allocate to principal: (1) To the extent not allocated to income pursuant to sections 469.401 to 469.467, assets received from a transferor during the transferor's lifetime, a decedent's estate, a trust with a terminating incom…

469.431. Rental property, allocation to income. — To the extent that a trustee accounts for receipts from rental property pursuant to this section, the trustee shall allocate to income an amount received as rent of real or personal property, including an amount received for cance…

469.432. Interest allocated to income — amounts received from sale, redemption or disposition of an obligation to pay money to principal. — 1. An amount received as interest, whether determined at a fixed, variable or floating rate, on an obligation to pay money to the trustee, i…

469.433. Life insurance proceeds allocated to principal — dividends allocated to income. — 1. Except as otherwise provided in subsection 2 of this section, a trustee shall allocate to principal the proceeds of a life insurance policy or other contract in which the trust or its tr…

469.435. Insubstantial amounts may be allocated to principal, exceptions — presumption of insubstantial amount, when. — If a trustee determines that an allocation between principal and income required by section 469.437, 469.439, 469.441, 469.443 or 469.449 is insubstantial, the …

469.437. Distributions allocated as income, when — definitions — balance allocated to principal, when — effect of separate accounts or funds — marital deduction, effect of. — 1. As used in this section, the following terms mean: (1) "Payment", an amount that is: (a) Received or w…

469.439. Ten percent of receipts from liquidating asset allocated to income, remainder to principal. — 1. As used in this section, the phrase "liquidating asset" means an asset whose value will diminish or terminate because the asset is expected to produce receipts for a period o…

469.441. Allocation of interest in minerals or other natural resources — interest in water, allocation of. — 1. To the extent that a trustee accounts for receipts from an interest in minerals or other natural resources pursuant to this section, the trustee shall allocate them as …

469.443. Sale of timber and related products, allocation of net receipts. — 1. To the extent that a trustee accounts for receipts from the sale of timber and related products pursuant to this section, the trustee shall allocate the net receipts: (1) To income to the extent that t…

469.445. Marital deduction, insufficient income, allowable actions. — 1. If a marital deduction is allowed for all or part of a trust whose assets consist substantially of property that does not provide the spouse with sufficient income from or use of the trust assets, and if the…

469.447. Transactions in derivatives allocated to principal — options to sell or buy property allocated to principal. — 1. As used in this section, the term "derivative" means a contract or financial instrument or a combination of contracts and financial instruments which gives a…

469.449. Allocation of collateral financial assets and asset-backed securities. — 1. As used in this section, the phrase "asset-backed security" means an asset whose value is based upon the right it gives the owner to receive distributions from the proceeds of financial assets th…

469.451. Required disbursements from income. — A trustee shall make the following disbursements from income to the extent that they are not disbursements to which paragraph (b) or (c) of subdivision (2) of section 469.413 applies: (1) One-half of the regular compensation of the t…