1. By registering a trust, or accepting the trusteeship of a registered trust, the trustee submits personally to the jurisdiction of the court in any proceeding involving the internal affairs of the trust that may be initiated by any interested person while the trust remains registered. Notice of any such proceeding shall be delivered to the trustee or mailed to him by ordinary first-class mail at his address as listed in the registration statement or as thereafter reported to the court and to his address as then known to the petitioner.

2. To the extent of their interests in the trust, all beneficiaries of a trust registered in this state are subject to the jurisdiction of the court of registration for the purposes of proceedings involving internal affairs of the trust, provided notice is given pursuant to section 472.100.

Terms Used In Missouri Laws 456.033

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Missouri Laws 1.020
  • Property: includes real and personal property. See Missouri Laws 1.020
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • State: when applied to any of the United States, includes the District of Columbia and the territories, and the words "United States" includes such district and territories. See Missouri Laws 1.020
  • Trustee: A person or institution holding and administering property in trust.

3. “Interested persons” include beneficiaries and any others having a property right in or claim against a trust estate which may be affected by a judicial proceeding. It also includes persons and other fiduciaries representing interested persons. The meaning as it relates to particular persons may vary from time to time and must be determined according to the particular purposes of, and matter involved in, any proceeding.

4. “Internal affairs” proceedings, without limitation, are those which involve interpretation or construction of the terms of the trust by declarations, instructions or judgments as to the existence, nonexistence and extent of rights, powers, privileges, immunities, duties, liabilities and remedies of trustees and beneficiaries in the administration and distribution of trusts, including but not limited to proceedings concerning:

(1) The qualifications, appointment, removal, indemnification, reimbursement, exoneration or surcharge of trustees;

(2) The imposition, change and release of requirements for trustees’ bonds;

(3) The employment of agents and compensation to them and to trustees;

(4) The review and settlement of interim and final accounts;

(5) The propriety of investments or of principal and income allocations;

(6) The allowance of deviations from or modifications of trust terms;

(7) The ascertainment of beneficiaries or of beneficial interests;

(8) The requirements for release of registration or change of principal place of administration;

(9) The timing and quantity of distributions and dispositions of assets;

(10) The validity and effect of alienations by beneficiaries, by exercise of powers of appointment or otherwise; and

(11) Terminations of trusts.

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