379.090. Premium notes, how payable. — 1. Every person who shall insure in such mutual company, whose premium is payable by note, shall, before he receives his policy, deposit with the company a note for such sum or sums of money as may be agreed upon for the premium, a part, not less than ten percent of which, shall be immediately paid in cash before the company shall be liable for any loss; and the remainder of said note shall be made payable at any time, and in part or the whole as the directors of said company may demand, upon an assessment to be made by them whenever they shall deem the same necessary, for the payment of losses, expenses and other liabilities of said company; said note, or such part thereof as shall remain unpaid at the expiration or termination of the policy, shall be given up to the maker of the same, provided all assessments upon such note and all liabilities of said maker to the company shall have been paid.
2. All buildings and other property, real and personal, insured by and with such company, together with all right, title and interest of the insured to the lands on which such buildings are situated, shall be pledged to such company, and the company shall have a lien thereon until the aforesaid note is fully paid; provided, that the maker of said note shall assent to such lien in writing upon the face of the same.
--------
(RSMo 1939 § 5920)
Prior revisions: 1929 § 5809; 1919 § 6219; 1909 § 7010
---- end of effective 28 Aug 1939 ----
use this link to bookmark section 379.090
Effective dates prior to 1940 may not be the actual effective date. See FAQ 'When do laws become effective?'
|
|||
Click here for the Reorganization Act of 1974 - or - Concurrent Resolutions Having Force & Effect of Law | |||
In accordance with Section 3.090, the language of statutory sections enacted during a legislative session are updated and available on this website on the effective date of such enacted statutory section. | |||
|
Recent Sections | Editorials | May Be Cited As | Tables & Forms | Multiple Enact |
Repeal & Transfer | Definitions | End Report | ||
|
||||
Site changes | Pictures | Contact |
Legislative Research | Oversight | MOLIS | |||
Library | MO WebMasters |