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Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 361

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  361.470.  Liquidation and conservation of assets — compounding debts and compromising certain claims. — The director is authorized, upon taking possession of the property and business of such corporation, to liquidate the affairs thereof and to do all acts and to make such expenditures as in his or her judgment are necessary to conserve its assets and business.  He or she shall proceed to collect the debts due.  He or she may, upon an order of the circuit court of Cole County, sell or compound all bad or doubtful debts held by, and compromise claims against such corporation, other than deposit claims and, upon such terms as the court shall direct, may sell or otherwise dispose of all or any of the real and personal property of such corporation.

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(RSMo 1939 § 7924, A.L. 1978 H.B. 1634, A.L. 2000 S.B. 896)

Prior revisions: 1929 § 5330; 1919 § 11713


---- end of effective   28 Aug 2000 ----

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