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#1912464 - 04/07/14 10:01 PM MO - non-resident trustee for DOT?
MyBrainHurts Offline
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Joined: Feb 2010
Posts: 960
Illinois
We're an Illinois bank financing a home in MO. Our bank's attorney is an Illinois resident. He says he can be the trustee on a DOT in MO because he's licensed there. I'm reading Missouri Revised Statutes 443.350, and it says he must be a resident. I hate to get into an argument with our atty, but I think he's wrong.

Can anyone give me some evidence that being licensed across the river is adequate?
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#1912476 - 04/07/14 11:13 PM Re: MO - non-resident trustee for DOT? MyBrainHurts
Kathleen O. Blanchard Offline

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Kathleen O. Blanchard
Joined: Dec 2000
Posts: 21,277
Why not ask him. Ask him if he can point out an exception to the rule.
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#1912849 - 04/08/14 09:53 PM Re: MO - non-resident trustee for DOT? Kathleen O. Blanchard
MyBrainHurts Offline
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Joined: Feb 2010
Posts: 960
Illinois
Originally Posted By: Kathleen B
Why not ask him.


That seemed to be our quickest option for resolution. We sent a copy of the statute. He responded "Your compliance officer is right." grin

But it may be that our loan department had misunderstood his previous communication, and so not his fault either.
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