Missouri Laws 404.610 – Liability to third persons
1. A claim based on: (i) a contract entered into by a personal custodian acting in a custodial capacity, (ii) an obligation arising from the ownership or control of custodial property, or (iii) a tort committed during the personal custodianship, may be asserted against the custodial property by proceeding against the personal custodian in the custodial capacity.
2. A personal custodian is not personally liable:
Terms Used In Missouri Laws 404.610
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Contract: A legal written agreement that becomes binding when signed.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Property: includes real and personal property. See Missouri Laws 1.020
- Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
(1) On a contract properly entered into in the custodial capacity unless the personal custodian fails to reveal that capacity and to identify the personal custodianship in the contract; or
(2) For an obligation arising from control of custodial property or for a tort committed during the personal custodianship unless the personal custodian is personally at fault.
3. A beneficiary is not personally liable for an obligation arising from ownership of custodial property or for a tort committed during the personal custodianship unless the beneficiary is personally at fault.