New (Aug 2016) security deposit law question.
I have a few questions on the new security deposit statues. http://www.moga.mo.gov/mostatutes/stathtml/5350000...
It states that all security deposits must be "held in a trust established by the landlord and deposited in a bank, credit union, or depository institution account in the name of the trustee". The statues link to a form prepared by a law firm to comply with the new laws - http://www.scottlawfirm.com/deposits.htm
I'm unfamiliar with trusts, and I'm not sure if I have to set up a separate bank account for each property, each with it's own trust, or one bank account with one trust. I haven't heard anything about this from my local landlords group, or the rei group I attend.
If someone could let me know what I actually have to do to comply, that'd be wonderful.
Edit: Is there something special I have to do for a "trust account" or is it just a normal checking account that must be kept separately?