Section 426.320

Title XXVII DEBTOR-CREDITOR RELATIONS

Chapter 426

Effective - 28 Aug 1939   

  426.320.  Payments to creditors, when and in what amounts — penalty for failure. — As soon as practicable, and not exceeding one month after the time for an allowance of demands had under this chapter, the assignee or assignees shall pay upon the demands allowed, according to their right, as much as the means on hand will permit, after reserving enough for proper fees, costs, expenses and demands, whose trial is legally continued or removed; and as often thereafter as a dividend of five percent can be paid upon the demands allowed as aforesaid, the assignee or assignees shall give notice thereof by publication, for one week, in the same newspaper in which was published the notice for allowance of demands, or in such other newspaper as the court, or judge thereof in vacation, may direct;  and if such assignee or assignees shall neglect or refuse to make payment out of such trust fund, as in this section required, for more than three days after the same have become due and have been demanded by the person entitled thereto, his agent or attorney, or if he or they shall in any wise neglect or refuse to comply with the provisions of this section, he or they shall, for every such neglect or refusal, forfeit and pay to the person aggrieved five percent per month interest on such sum as such person was entitled to at the time of such demand, to be recovered by motion in the court having jurisdiction of said assignment; and any judgment rendered by said court, on the hearing of such motion, shall be against said assignee or assignees and his or their securities on their trust, provided for in this chapter; and such assignee or assignees shall, in addition to such forfeiture, be subject to be dismissed from his or their trust by said court, for such neglect and refusal, on motion and citation for that purpose.

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(RSMo 1939 § 5770)

Prior revisions: 1929 § 5660; 1919 § 656; 1909 § 929