EXPLANATION-Matter enclosed in bold-faced brackets [thus] in this bill is not enacted
and is intended to be omitted in the law.
FIRST REGULAR SESSION
SENATE BILL NO. 365
102ND GENERAL ASSEMBLY
INTRODUCED BY SENATOR CRAWFORD.
1488S.01I KRISTINA MARTIN, Secretary
AN ACT
To repeal sections 475.040 and 475.275, RSMo, and to enact in lieu thereof two new sections
relating to guardianships.
Be it enacted by the General Assembly of the State of Missouri, as follows:
Section A. Sections 475.040 and 475.275, RSMo, are 1
repealed and two new sections enacted in lieu thereof, to be 2
known as sections 475.040 and 475.275, to read as follows:3
475.040. If it appears to the court, acting on the 1
petition of the guardian, the conservator, the respondent or 2
of a ward over the age of fourteen, or on its own motion, at 3
any time before the termination of the guardianship or 4
conservatorship, that the proceeding was commenced in the 5
wrong county, or that the domicile [or residence] of the 6
ward or protectee has [been] changed to another county, or 7
in case of conservatorship of the estate that it would be 8
for the best interest of the ward or di sabled person and his 9
estate, the court may order the proceeding with all papers, 10
files and a transcript of the proceedings transferred to the 11
probate division of the circuit court of another county. 12
The court to which the transfer is made shall take 13
jurisdiction of the case, place the transcript of record and 14
proceed to the final settlement of the case as if the 15
appointment originally had been made by it. 16
475.275. 1. The conservator, at the time of filing 1
any settlement with t he court, shall exhibit all securities 2 SB 365 2
or investments held by him to an officer of the bank or 3
other depositary wherein the securities or investments are 4
held for safekeeping or to an authorized representative of 5
the corporation which is surety on his bond, or to the judge 6
or clerk of a court of record in this state, or upon request 7
of the conservator or other interested party, to any other 8
reputable person designated by the court, who shall certify 9
in writing that he has examined the securities or 10
investments and identified them with those described in the 11
account and shall note any omission or discrepancies. If 12
the depositary is the conservator, the certifying officer 13
shall not be the officer verifying the account. The 14
conservator may exhibi t the securities or investments to the 15
judge of the court, who shall endorse on the account and 16
copy thereof, a certificate that the securities or 17
investments shown therein as held by the conservator were 18
each in fact exhibited to him and that those ex hibited to 19
him were the same as those in the account and noting any 20
omission or discrepancy. The certificate, and the 21
certificate of an official of the bank in which are 22
deposited any funds for which the conservator is 23
accountable, showing the amount on deposit, shall be 24
prepared and signed in duplicate and one of each shall be 25
filed by the conservator with his account. 26
2. (1) As used in and pursuant to this section, a 27
"pooled account" is an account within the meaning of this 28
section and means any account maintained by a fiduciary for 29
more than one principal and is established for the purpose 30
of managing and investing and to manage and invest the funds 31
of such principals. No fiduciary shall or may place funds 32
into a pooled account unles s the account meets the following 33
criteria: 34 SB 365 3
(a) The pooled account is maintained at a bank or 35
savings and loan institution; 36
(b) The pooled account is titled in such a way as to 37
reflect that the account is being held by a fiduciary in a 38
custodial capacity; 39
(c) The fiduciary maintains, or causes to be 40
maintained, records containing information as to the name 41
and ownership interest of each principal in the pooled 42
account; 43
(d) The fiduciary's records contain a statement of all 44
accretions and disbursements; and 45
(e) The fiduciary's records are maintained in the 46
ordinary course of business and in good faith. 47
(2) The public administrator of any county [with a 48
charter form of government and with more than six hundred 49
thousand but less than seven hundred thousand inhabitants ] 50
serving as a conservator or personal representative and 51
using and utilizing pooled accounts for the investing [, 52
investment,] and management of [conservatorship] estate 53
funds shall have any such ac counts [audited] examined on at 54
least an annual basis [and no less than one time per year ] 55
by an independent certified public accountant. [The audit 56
provided shall review the records of the receipts and 57
disbursements of each estate account. Upon completion of 58
the investigation, the certified public accountant shall 59
render a report to the judge of record in this state showing 60
the receipts, disbursements, and account balances as to each 61
estate and as well as the total assets on deposit in the 62
pooled account on the last calendar day of each year. ] The 63
examination shall: 64
(a) Compare the pooled account's year -end bank 65
statement and obtain the reconciliation of the pooled 66 SB 365 4
account from the bank statement to the fiduciary's general 67
ledger balance on the same day; 68
(b) Reconcile the total of individual accounts in the 69
fiduciary's records to the reconciled pooled account's 70
balance and note any difference; 71
(c) Confirm if collateral is pledged to secure amounts 72
on deposit in the poole d account in excess of Federal 73
Deposit Insurance Corporation coverage; and 74
(d) Confirm the account balance with the financial 75
institution. 76
(3) A public administrator using and utilizing pooled 77
accounts as provided by this section shall certi fy by 78
affidavit that he or she has met the conditions for 79
establishing a pooled account as set forth in subdivision 80
(2) of this subsection. 81
(4) The county shall provide for the expense of [such 82
audit] the report. If and where the public administ rator 83
has provided the judge with [the audit] the report pursuant 84
to and required by this subsection and section, the public 85
administrator shall not be required to obtain the written 86
[certification] verification of an officer of a bank or 87
other depository on any estate asset maintained within the 88
pooled account as otherwise required in and under subsection 89
1 of this section. 90