311.401. Repossessed liquor, sale by lending institution, when — no license required. — Any lending institution doing business with any distiller, wholesaler, winemaker, brewer, or retailer in Missouri duly licensed under this chapter shall have the right to sell intoxicating liquor which such lending institution has repossessed to a retailer duly licensed under this chapter, with the approval of the supervisor of alcohol and tobacco control, provided such liquor was originally taken as collateral for a business loan. No license or permit shall be required for such sale, and such sale shall be limited to cases, kegs, or barrels of such liquor, and any leftover unopened containers. Such transaction shall be subject to the provisions of chapter 400. As used in this section, the term "lending institution" means any bank or trust company incorporated under the laws of this state or of the United States.
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(L. 1983 S.B. 6, A.L. 2003 S.B. 298)
---- end of effective 28 Aug 2003 ----
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