Section 430.110

Title XXVII DEBTOR-CREDITOR RELATIONS

Chapter 430

Effective - 28 Aug 1972   

  430.110.  Sale of articles — disposition of proceeds — excess to general revenue subject to reclamation by owner. — 1.  If the chattel or chattels are not redeemed prior to the date of sale^* provided in the notice required by section 430.100, the lienor may sell such articles on the day and at the place specified in such notice.  The proceeds shall be distributed in the following order:

  (1)  To the satisfaction of the seller's lien and the necessary expenses of advertising as provided in section 430.100;

  (2)  To the satisfaction of any prior lien on the chattel created by any financing statement on the same, duly perfected in accordance with the laws of this state;

  (3)  The excess, if any, shall thereupon be deposited with the county treasurer, or city treasurer in the city of St. Louis, together with a sworn statement containing the name of the owner, description of the article, amount of lien, the amount paid to any prior lienholders, sale price, name of purchaser, cost and manner of advertising.

  2.  The said treasurer shall credit such excess to the general revenue fund of the county, or the city of St. Louis, subject to the right of the owner or his representative to reclaim the same at any time within three years of the date of such deposit with the treasurer, after presentation of proper evidence of ownership and obtaining an order of the county commission, or comptroller of the city of St. Louis, directed to said treasurer for the return of said excess deposit.

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(L. 1945 p. 1141 § 4, A.L. 1972 H.B. 1188)

*Word "same" appears in original rolls.