Section 361.550

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 361

Effective - 28 Aug 1939   

  361.550.  Effect of accepting claims — statute of limitations for action upon claims not accepted — necessary allegations. — 1.  When the director has approved a duly filed claim and has filed the same endorsed "approved" in his office, the claimant, unless such claim is entitled by law to priority of payment, shall be entitled to share ratably with other general creditors in the distribution of the assets of such corporation as such assets are distributed pursuant to section 361.570.

  2.  When the time within which the director is required to approve or reject claims has expired and at any time within six months thereafter, a claimant whose claim has been duly filed and has not been approved by the director may institute and maintain an action thereon against such corporation.  No action shall be maintained against such corporation while the director is in possession of its affairs and business unless brought within the period of limitation specified in this section.

  3.  In all actions or proceedings instituted against such corporation while the director is in possession of its property and business, the plaintiff shall be required to allege and prove that the claim upon which the action is instituted was duly filed and that sixty days have elapsed since the expiration of time for filing said claims and that said claim has not been approved.

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(RSMo 1939 § 7932)

Prior revisions: 1929 § 5337; 1919 § 11720