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Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 361

previous next Effective - 28 Aug 1939bottom

  361.330.  Corporation not to make assignment — duty when in failing condition. — 1.  It shall be unlawful in this state for any corporation subject to the provisions of this chapter to make a voluntary general assignment of its business and affairs.

  2.  In case it shall find itself to be in a failing condition, it shall immediately place itself in the hands of the director.

  3.  Any deed of voluntary general assignment executed by any such corporation shall be null and void, and in case the officers or directors of any such institution shall endeavor to make any voluntary general assignment of its assets, the director shall immediately take possession thereof and proceed, as provided in section 361.340 and following.

  4.  All transfers of the notes, bonds, bills of exchange, or other evidence of debt owing to any corporation, or of deposits to its credit; all assignments of mortgages, securities on real estate or of judgments or decrees in its favor; all deposits of money, bullion or other valuable thing for its use, or for the use of any of its shareholders or creditors; and all payments of money to it, made after the commission of an act of insolvency, or in contemplation thereof, made with a view to prevent the application of its assets in the manner prescribed by this chapter, or with a view to the preference of one creditor to another, shall be utterly null and void.

  5.  No attachment, injunction or execution shall be issued against such corporation, or its property, before final judgment in any suit, action or proceeding in any state, county or municipal court.

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(RSMo 1939 § 7912)

Prior revisions: 1929 § 5318; 1919 § 11701; 1909 § 1084

CROSS REFERENCE:

Sale of whole or part of assets to another bank, 362.330


---- end of effective   28 Aug 1939 ----

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