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Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

  Chapter 375back to chapter 375

  375.490.  Payment of judgments out of deposits. — 1.  Any court of competent jurisdiction, wherein a judgment shall have been recovered against any company by which any securities have been deposited, as by law required, upon a policy issued by such company, and execution issued upon such judgment shall have been returned partly or wholly unsatisfied, shall, upon motion of the plaintiff in such executions, upon three days' notice to said director, order said director to forthwith dispose of enough of said securities at the best price he can obtain for the same to satisfy said judgment, execution and costs, so far as such securities shall suffice; and the director shall, upon realizing the amount necessary to pay said claim, with interest and costs, pay the same into the hands of the officer holding the original execution, and the receipt of said officer to him shall be a full acquittance from any further liability for the amount so turned over; provided, however, that in case of companies organized under the laws of this state, if the director has reason to believe that such company is insolvent, and will not be able to replace the securities to be withdrawn, he shall make return to the order to that effect, and thereupon the execution of such order shall be stayed until the question of solvency is determined; if the company is declared solvent, the director shall satisfy said execution out of said securities as above provided; if it is found insolvent, the judgment upon which said execution or order issued shall be liquidated or disposed of in the same manner as is provided by law for the adjustment of policy claims against insolvent companies.

  2.  Whenever any securities such as aforesaid shall have been disposed of by the director as aforesaid, said director, unless the company whose securities shall have been withdrawn as aforesaid shall, within ten days thereafter, deposit with him other securities of like kind and value, and for the like purpose as the securities so withdrawn, shall proceed, in respect to such company, in the manner authorized by law in case of insolvent or unsound companies.

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(RSMo 1939 § 6047)

Prior revisions: 1929 § 5936; 1919 § 6344; 1909 § 7074

(1958) So long as no action had been taken to impound and subject deposits of foreign company with the insurance superintendent to the payment of claims, although the company was then in the process of liquidation in the foreign jurisdiction, the judgment creditor of the foreign insurance company had an unqualified right to have the deposits with the insurance superintendent applied to the payment of his judgment in the manner provided by this section. Morris v. I.C.T. Insurance Co. (Mo.), 316 S.W.2d 636.


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