Effective - 28 Aug 2004
456.007. Lessor, trustee of deposits by lessee, when — exception. — 1. Whenever any person, firm or corporation, engaged in the leasing of personal property, shall require a deposit or advance payment to be made by the lessee to bind the lessee to the performance of such contract, then such money so deposited, with any accruing interest thereon, shall, until returned or applied in accordance with the terms of such contract or agreement, continue to be the money of the person making the deposit and shall become and remain a trust fund in the possession of the person with whom such deposit shall be made, and the person, firm or corporation, receiving such deposit shall be the holder of such fund as trustee, and as the trustee as herein defined shall forthwith, and within seven days after the receipt of such trust fund, deposit the same in some bank or trust company in the county in which the cestui que trust shall reside or have his principal office or place of business, and such fund shall not be mingled with any other funds or assets of such trustee. Any person, firm or corporation receiving any money in trust, as herein defined, who shall violate any of the provisions of this section shall be deemed guilty of a misdemeanor; provided, however, that this section and section 456.009 shall not apply to such transactions where the property used or leased is delivered to lessee at time of agreement and remains in the actual and continuous possession of lessee during the term of such agreement.
2. Subsection 1 of this section shall not apply to any lease entered into by lessors which are banks, trust companies, savings and loan associations, savings banks and credit unions, their subsidiaries and affiliates, or to any other financial institutions as defined in subdivision (4) of section 381.410, or to other lessors in commercial lease transactions of at least twenty-five thousand dollars.
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(RSMo 1939 § 3540, A.L. 1999 S.B. 386, A.L. 2004 H.B. 1511)
Prior revision: 1929 § 3150
Transferred 2004; formerly 456.040
Structure Missouri Revised Statutes
Title XXXI - Trusts and Estates of Decedents and Persons Under Disability
Chapter 456 - Trusts and Trustees — The Uniform Trust Code
Section 456.001 - Bequests or transfer to spouse, valuation of.
Section 456.003 - Absence of active duties not to curtail powers of trustee.
Section 456.005 - Life insurance trusts.
Section 456.006 - Health savings account, trust may be created, when.
Section 456.007 - Lessor, trustee of deposits by lessee, when — exception.
Section 456.009 - Lessor liable for double amount of deposit so held in trust, when.
Section 456.013 - Trusts for benefit of employees or self-employed persons — accumulation.
Section 456.017 - Applicability of sections 456.011, 456.013, and 456.014.
Section 456.021 - Addition to trusts.
Section 456.026 - Rule against perpetuities, trust subject to, when.
Section 456.027 - Registration of trust.
Section 456.029 - Registration procedure.
Section 456.031 - Records and certified copies.
Section 456.033 - Effect of registration.
Section 456.035 - Evidence as to death or status — five-year absence presumption of death.
Section 456.037 - Trust property — when deemed unclaimed.
Section 456.039 - Procedure by trustee with respect to unclaimed property.
Section 456.041 - Unclaimed property — liability of trustee.
Section 456.970 - Short title.
Section 456.975 - Definitions.
Section 456.980 - Governing Law — common law and principles of equity.
Section 456.985 - Act to govern powers — exceptions.
Section 456.990 - Creations of power of appointment.
Section 456.995 - Nontransferability.
Section 456.1005 - Rules of classification.
Section 456.1010 - Power to revoke or amend.
Section 456.1015 - Requisites for exercise of power of appointment.
Section 456.1020 - Intent to exercise — determining intent from residuary clause.
Section 456.1025 - Intent to exercise — after-acquired power.
Section 456.1030 - Substantial compliance with donor-imposed formal requirement.
Section 456.1035 - Permissible appointment.
Section 456.1040 - Appointment to deceased appointee or permissible appointee's descendant.
Section 456.1045 - Impermissible appointment.
Section 456.1050 - Selective allocation doctrine.
Section 456.1060 - Disposition of unappointed property under released or unexercised general power.
Section 456.1075 - Powerholder's authority to revoke or amend exercise.
Section 456.1080 - Disclaimer.
Section 456.1085 - Authority to release — method of release — revocation or amendment of release.
Section 456.1095 - Remedy for breach of contract to appoint or not to appoint.
Section 456.1100 - Creditor claim — general power created by powerholder.
Section 456.1105 - Creditor claim — general power not created by powerholder.
Section 456.1110 - Power to withdraw.
Section 456.1115 - Creditor claim — nongeneral power.
Section 456.1125 - Uniformity of application and construction.
Section 456.1130 - Relation to Electronic Signatures in Global and National Commerce Act.
Section 456.1135 - Application to existing relationships.
Section 456.1-101 - Short title.
Section 456.1-103 - Definitions.
Section 456.1-104 - Knowledge.
Section 456.1-105 - Default and mandatory rules.
Section 456.1-106 - Common law of trusts — principles of equity.
Section 456.1-107 - Governing law.
Section 456.1-108 - Principal place of administration.
Section 456.1-109 - Methods and waiver of notice.
Section 456.1-110 - Others treated as qualified beneficiaries.
Section 456.1-111 - Nonjudicial settlement agreements.
Section 456.1-112 - Rules of construction — inapplicable to certain trusts.
Section 456.1-113 - Transfer of assets to trust subjects assets to terms of the trust.
Section 456.1-114 - Familial relationships.
Section 456.2-201 - Role of court in administration of trust.
Section 456.2-202 - Jurisdiction over trustee and beneficiary.
Section 456.2-205 - Enforceability of mediation or arbitration provisions.
Section 456.3-301 - Representation, basic effect — prohibited, when.
Section 456.3-302 - Representation by holder of general testamentary power of appointment.
Section 456.3-303 - Representation by fiduciaries and parents.
Section 456.3-304 - Representation by person having substantially identical interest.
Section 456.3-305 - Appointment of representative.
Section 456.4-401 - Methods of creating trust.
Section 456.4-402 - Requirements for creation.
Section 456.4-403 - Trusts created in other jurisdictions.
Section 456.4-404 - Trust purposes.
Section 456.4-405 - Charitable purposes — enforcement.
Section 456.4-406 - Creation of trust induced by fraud, duress, or undue influence.
Section 456.4-407 - Evidence of oral trust.
Section 456.4-408 - Trust for care of animal.
Section 456.4-409 - Noncharitable trust without ascertainable beneficiary.
Section 456.4-410 - Modification or termination of trust — proceedings for approval or disapproval.
Section 456.4-414 - Modification or termination of uneconomic trust.
Section 456.4-415 - Reformation to correct mistakes.
Section 456.4-416 - Modification to achieve settlor's tax objectives.
Section 456.4-417 - Combination and division of trusts.
Section 456.4-420 - No-contest clause, claims for relief.
Section 456.5-501 - Rights of beneficiary's creditor or assignee, exceptions.
Section 456.5-502 - Spendthrift provision.
Section 456.5-503 - Exceptions to spendthrift provision.
Section 456.5-505 - Creditor's claim against settlor.
Section 456.5-506 - Mandatory distribution defined — overdue distribution.
Section 456.5-507 - Personal obligations of trustee.
Section 456.5-508 - Creditor claim, appointive property not subject to, when.
Section 456.6-601 - Capacity of settlor of revocable trust.
Section 456.6-602 - Revocation or amendment of revocable trust.
Section 456.6-603 - Settlor's powers — powers of withdrawal.
Section 456.7-701 - Accepting of declining trusteeship.
Section 456.7-702 - Trustee's bond.
Section 456.7-703 - Cotrustees.
Section 456.7-704 - Vacancy in trusteeship — appointment of successor.
Section 456.7-705 - Resignation of trustee.
Section 456.7-706 - Removal of trustee.
Section 456.7-707 - Delivery of property by former trustee.
Section 456.7-708 - Compensation of trustee.
Section 456.7-709 - Reimbursement of expenses.
Section 456.8-801 - Duty to administer trust.
Section 456.8-802 - Duty of loyalty.
Section 456.8-803 - Impartiality.
Section 456.8-804 - Prudent administration.
Section 456.8-805 - Costs of administration.
Section 456.8-806 - Trustee's skills.
Section 456.8-807 - Delegation by trustee.
Section 456.8-808 - Powers to direct — trust protector, powers, limitations.
Section 456.8-809 - Control and protection of trust property.
Section 456.8-810 - Record keeping and identification of trust property.
Section 456.8-811 - Enforcement and defense of claims.
Section 456.8-812 - Collecting trust property.
Section 456.8-813 - Duty to inform and report — inapplicable, when.
Section 456.8-814 - Discretionary powers — tax savings.
Section 456.8-815 - General powers of trustee.
Section 456.8-816 - Specific powers of trustee.
Section 456.8-817 - Distribution upon termination.
Section 456.10-1001 - Remedies for breach of trust.
Section 456.10-1002 - Damages for breach of trust.
Section 456.10-1003 - Damages in absence of breach.
Section 456.10-1004 - Attorney's fees and costs.
Section 456.10-1005 - Limitation of action against trustee.
Section 456.10-1006 - Reliance on trust instrument.
Section 456.10-1007 - Event affecting administration or distribution.
Section 456.10-1008 - Exculpation of trustee.
Section 456.10-1009 - Beneficiary's consent, release, or ratification.
Section 456.10-1010 - Limitation on personal liability of trustee.
Section 456.10-1011 - Interest as general partner.
Section 456.10-1012 - Protection of person dealing with trustee.
Section 456.10-1013 - Certification of trust.
Section 456.11-1101 - Uniformity of application and construction.
Section 456.11-1102 - Electronic records and signatures.
Section 456.11-1103 - Severability clause.
Section 456.11-1104 - Effective date.
Section 456.11-1106 - Application to existing relationships.