362.475. Deposits of deceased trustee shall be paid to beneficiary.
202 words·~1 min read·
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362.475. Deposits of deceased trustee shall be paid to beneficiary. — When any deposit is made by any person describing himself in making the deposit as trustee for another, and no other or further notice of the existence and terms of a legal and valid trust than this description shall have been given in writing to the bank or trust company, in the event of the death of the person so described as trustee, the deposit or any part thereof, together with the dividends or interest thereon, may be paid to the person for whom the deposit was thus stated to have been made.
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(RSMo 1939 § 7996, A.L. 1967 p. 445)
Prior revisions: 1929 § 5400; 1919 § 11779
(1959)Where bank deposit slip and signature card stated that account was "payable on death" to daughter of depositor, and son of deceased depositor testified that depositor stated to bank officer that she wanted either depositor or her daughter to be able to withdraw funds from account and after her death daughter was to be absolute owner, a valid and enforceable trust in favor of the daughter existed on death of depositor. Butler State Bank v. Duncan (A.), 319 S.W.2d 913.