Section 361.500

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 361

Effective - 02 Jan 1979, see footnote   

  361.500.  Director's power to sue, execute instruments for delinquents — actions and proceedings preferred. — For the purpose of executing any of the powers and performing any of the duties hereby conferred upon him, the director may, in the name of the delinquent corporation, prosecute and defend any and all actions and legal proceedings.  Any such action or proceeding, upon application of the director, shall be entitled to the same preference to which an action or proceeding by or against a receiver appointed by the court is entitled in any court of the state.  He may, in the name of the delinquent corporation, execute, acknowledge and deliver any and all deeds, assignments, bills of sale, releases, extensions, satisfactions and other instruments necessary and proper to effectuate any sale, lease or transfer of real or personal property or to carry into effect any power conferred or duty imposed upon him by this chapter or by order of the circuit court.  Any instrument executed pursuant to the authority hereby given shall be as valid and effectual, for all purposes, as though the same had been executed by the officers of the delinquent corporation by authority of its board of directors.

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(RSMo 1939 § 7927, A.L. 1978 H.B. 1634)

Prior revisions: 1929 § 5332; 1919 § 11715

Effective 1-02-79

CROSS REFERENCE:

Conveyance of real estate by director to urban redevelopment corporation, 353.120