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SECOND REGULAR SESSION
SENATE BILL NO. 1457
103RD GENERAL ASSEMBLY
INTRODUCED BY SENATOR SCHROER.
6356S.01I KRISTINA MARTIN, Secretary
AN ACT
To amend chapter 461, RSMo, by adding thereto one new section relating to charitable
organizations as named beneficiaries.
Be it enacted by the General Assembly of the State of Missouri, as follows:
Section A. Chapter 461, RSMo, is amended by adding thereto 1
one new section, to be known as section 461.900, to read as 2
follows:3
461.900. 1. For purposes of this section, the 1
following terms mean: 2
(1) "Beneficiary designation", a provision in an 3
instrument designating a beneficiary, other than in a will 4
or an instrument creating a trust, and may also mean the 5
instrument itself including, but not limited to, the 6
following: 7
(a) An annuity or insurance policy; 8
(b) An account with a designation for payment on death; 9
(c) A security registered in beneficiary form; 10
(d) A pension, profit-sharing, retirement, or other 11
employment-related benefit plan; and 12
(e) Any other nonprobate transfer at death; 13
(2) "Charitable organization", an organization with a 14
charitable purpose that does business in this state or holds 15
property in this state and is described in Section 501(c)(3) 16
of the Internal Revenue Code of 1986, as amended, as being 17
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exempt from taxation under Section 501(a) of the Internal 18
Revenue Code of 1986, as amended; 19
(3) "Charitable purpose", a purpose described in 20
Section 501(c)(3) of the Internal Revenue Code of 1986, as 21
amended, or a benevolent, educational, philanthropic, 22
humane, scientific, patriotic, social welfare or advocacy, 23
public health, environmental conservation, civic, or other 24
eleemosynary objective. 25
2. If a charitable organization is a beneficiary of an 26
interest in property created by beneficiary designation, the 27
charitable organization may present an affidavit to the 28
holder of the property or to any person with information 29
about the property for the purpose of obtaining the property 30
or information regarding the property. The affidavit shall 31
state the following: 32
(1) The decedent's name and last known address; 33
(2) A general description of the property to the 34
extent known; 35
(3) The charitable organization's name, address, and 36
primary contact information; 37
(4) That the charitable organization is a charitable 38
organization as defined in this section; 39
(5) A request that the property be paid or transferred 40
to the charitable organization or that information about the 41
property be given to the charitable organization; 42
(6) That no one other than the charitable organization 43
has a right to the interest in the property listed in the 44
affidavit; 45
(7) That the affidavit has been signed by a duly 46
authorized representative of the charitable organization 47
under penalty of perjury before a notary public as provided 48
in chapter 486; and 49
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(8) That the information in the affidavit is true and 50
correct. 51
3. The affidavit shall be accompanied by the following: 52
(1) A copy of the charitable organization's 53
determination letter from the Internal Revenue Service 54
recognizing its tax-exempt status; 55
(2) A copy of the charitable organization's 56
certificate of good standing issued by the secretary of 57
state as conclusive evidence that the domestic or foreign 58
corporation is in good standing; 59
(3) A statement that on information or belief of the 60
affiant, the property owner is deceased supported by a death 61
certificate of the decedent, or probate notice published by 62
the personal representative of the decedent's estate, or 63
proof of payment of the decedent's funeral expenses, or the 64
decedent's obituary as verification of the decedent's death; 65
(4) A corporate resolution or similar statement of 66
authority of the affiant to act on behalf of the charitable 67
organization; and 68
(5) Federal Internal Revenue Service Form W-9 69
completed by an authorized representative of the charitable 70
organization. 71
4. The holder of the property shall not request any 72
additional personal information from any individual employed 73
by or serving on the board of the charitable organization 74
including, but not limited to, the following: 75
(1) Social security number or driver's license number; 76
(2) Contact information; or 77
(3) Personal financial information. 78
5. If the requirements of subsections 3 and 4 of this 79
section are satisfied, the following apply: 80
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(1) The decedent's property shall be paid, delivered, 81
or transferred to or for the benefit of the charitable 82
organization if the affidavit has requested the transfer of 83
ownership of the property to the charitable organization; 84
(2) A transfer agent of a security described in the 85
affidavit shall change registered ownership on the books of 86
the corporation from the decedent to or for the benefit of 87
the charitable organization if the affidavit has requested 88
the transfer of ownership of the property to the charitable 89
organization; and 90
(3) The information requested in the affidavit shall 91
be delivered to the charitable organization. 92
6. The holder of the property and any person who in 93
good faith delivers the property or information requested in 94
reliance on information a charitable organization provides 95
under this section, who has no knowledge that 96
representations contained in the affidavit are incorrect, 97
shall not be liable to any person for so acting and may 98
assume without inquiry the existence of the facts contained 99
in the affidavit. The time to verify a charitable 100
organization's authority shall not exceed thirty days from 101
the date of delivery of the affidavit. Any right or title 102
acquired from the charitable organization in consideration 103
of the provision of property or information under this 104
section is not invalid in consequence of misapplication by 105
the charitable organization. A transaction or a lien 106
created by a transaction entered into by the charitable 107
organization and anyone acting in reliance on the affidavit 108
under this section shall be enforceable against the property 109
the charitable organization has requested. 110
7. If the holder of the property refuses to provide 111
the requested property or information within thirty days 112
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after receiving the affidavit, the charitable organization 113
may bring an action against the holder of the property to 114
recover the property or receive the information or to compel 115
the delivery of the property. An action brought under this 116
section shall be brought within one year after the date of 117
the act or failure to act. If the court finds that the 118
holder of the property acted unreasonably in failing to 119
deliver the property or information as requested in the 120
affidavit, the court may award to the charitable 121
organization any or all of the following: 122
(1) Damages sustained by the charitable organization; 123
(2) Costs of the action; 124
(3) A penalty in an amount determined by the court 125
between five hundred dollars and ten thousand dollars; and 126
(4) Reasonable attorney's fees based on the value of 127
the time reasonably expended by the charitable 128
organization's attorney and not by the amount of the 129
recovery on behalf of the charitable organization. 130
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