Section 362.345

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 362

Effective - 28 Aug 1967   

  362.345.  Penalties for receiving deposits when insolvent. — 1.  No president, director, manager, cashier, secretary or other officer or agent of any bank or trust company organized and doing business under the provisions of this chapter shall receive or assent to the reception of deposits, or create or assent to the creation of any debts of the bank or trust company, after he shall have knowledge of the fact that it is insolvent or in failing circumstances.

  2.  Every person violating the provisions of this section shall be individually responsible for the deposits so received, and all the debts so contracted; provided, any director who may have paid more than his share of the liabilities mentioned in this section may have his proper remedy at law against persons who have not paid their full share of the liabilities; and provided, further, that in case of the insolvency of one or more of these officers, agents or managers, the liabilities shall be paid, for the time being, by those who are solvent, in equal proportions.

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(RSMo 1939 § 7976, A.L. 1967 p. 445)

Prior revisions: 1929 § 5381; 1919 § 11763; 1909 § 1113