The. Security Deposits Trust Dated

Transcription

1 [On the first line of the heading below, insert the name of the lessor or property management entity. If the trust will hold security deposits for two or more related residential leasing operations, use a generic description that describes all operations. On the second line, insert the date of signature by the grantor(s) and trustee. In the first paragraph under the heading and in the last paragraph before the signatures, insert the same date. Complete all other blanks with the specified information.] The Security Deposits Trust Dated This Trust Declaration and Agreement is made this day of, 20 between the grantor and trustee identified below. 1. Grantor or Grantors: The grantor or grantors of the trust established by this trust declaration and agreement is or are [insert the name or names of all individual lessors and/or entity lessors for which this trust will hold security deposits]: 2. First Trustee: The following-named individual is designated and appointed as the first trustee of the trust without bond: Name: Street Address: City, State, Zip 3. Purpose: The purpose of the trust is to hold security deposits paid by residential tenants and to disburse monies from such security deposits in compliance with the Missouri Security Deposit Statute, Section of the Revised Statutes of Missouri, as amended effective August 28, 2016 and as thereafter amended, and applicable lease agreements. 4. Name of Trust: The name of the trust is stated in the heading of this trust declaration and agreement. Page 1 of 5

2 5. Successor Trustees: The grantor or grantors shall always have the power to remove a trustee and appoint a successor trustee. The following order of succession of trustees shall apply only in the event the grantor or grantors fail to appoint a successor trustee within 15 days after the resignation, disability or death of the then-serving trustee: a. If the first trustee resigns, becomes disabled from serving, or dies, the grantor or grantors appoint the following-named person to serve as successor trustee without bond: Name: Street Address: City, State, Zip b. If both the first trustee and the first successor trustee named above resign, become disabled from serving, or die, a successor trustee shall be appointed by the Probate Division of the Circuit Court of Boone County, Missouri. c. Any reference in this trust to "the trustee" shall be deemed to refer to whichever trustee or successor trustee is serving as such at the relevant time. d. Any trustee may resign by delivering a written resignation to the grantor or any one of multiple grantors. 6. Transfer of Security Deposits to Trustee: The grantor or grantors hereby transfer, assign and deliver to the trustee all residential tenant security deposits currently held by the grantor or grantors. The trustee shall also hold in this trust additional residential tenant security deposits hereafter received and tendered to the trustee by the grantor or grantors. All such security deposits held by the trustee pursuant to this trust are referred to as the "trust estate" and shall be held by the trustee for the uses and purposes and upon the terms and conditions set forth in this trust. 7. Reservation of Rights by Grantor or Grantors: The grantor or grantors reserve the rights, without the consent of the trustee: a. To add to the trust estate additional residential tenant security deposits hereafter received by the grantor or grantors. b. To amend the trust by a written document signed by the grantor or grantors and delivered to the trustee. c. To revoke the trust in whole or part. d. By notice to the trustee, to require disbursements from the trust estate in compliance with Section of the Revised Statutes of Missouri and applicable lease Page 2 of 5

3 agreements to: 1) Refund deposits or portions thereof to residential tenants, 2) disburse monies to the grantor or grantors for deductions from deposits; and 3) withdraw accumulated interest on security deposits, which is the property of the grantor or grantors. e. To add to the trust estate monies to pay service charges on financial institution accounts in which the trust estate is held. f. To demand an accounting as to the income and disbursements of the trust. 8. Trustee's Duties: The trustee shall: a. Preserve and protect the trust estate. b. Maintain an accurate accounting of the trust estate. c. Upon notice from the grantor or grantors, disburse monies from the trust in accordance with paragraph 7.d. above. d. Promptly notify the grantor or grantors: 1) when interest is earned on the trust estate and the amount thereof, and 2) when service charges are due on financial institution accounts in which the trust estate is held and the amount thereof. e. Upon demand by any one or more of the grantors, provide a current accounting of the trust estate. 9. Beneficiaries: The grantor or grantors are the primary beneficiaries of this trust. The residential tenants whose security deposits are held in the trust are contingent beneficiaries whose rights to deposit refunds are subject to Section of the Revised Statutes of Missouri and applicable lease agreements. The grantor or grantors agree that they will request disbursements from the trust solely in compliance with Section of the Revised Statutes of Missouri and applicable lease agreements. 10. Indemnification: The grantor or grantors agree that the trustee shall have no liability as trustee to residential tenants whose security deposits are held in and disbursed from this trust. The grantor or grantors agree to hold the trustee harmless and indemnify the trustee against any and all claims asserted by such residential tenants and all expenses incurred by the trustee in connection with such claims, including but not limited to attorney fees and court costs. 11. Applicable Law: The grantor or grantors declare that this trust is to be construed under and regulated by the laws of the State of Missouri and, in particular: a. Section of the Revised Statutes of Missouri, as amended effective August 28, 2016, and as thereafter amended. b. To the extent applicable, the Missouri Uniform Trust Code, Sections through RSMo., which is incorporated into this trust by reference. Page 3 of 5

4 In witness whereof, this trust declaration and agreement has been executed by the grantor or grantors and the trustee on the day of, 20. Signature by Individual Grantor or Grantors (if applicable) Printed name of first grantor Signature of first grantor Printed name of second grantor Signature of second grantor Printed name of third grantor Signature of third grantor Printed name of fourth grantor Signature of fourth grantor Signature by Entity Grantor or Grantors (if applicable) Printed Name of first entity Page 4 of 5

5 Printed Name of second entity Printed Name of third entity Printed Name of fourth entity Signature by First Trustee Printed Name of First Trustee Signature of First Trustee Page 5 of 5