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Title XXXII COURTS

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  483.310.  Investment of funds in registry — income, how used — clerk defined — collection of moneys, procedure. — 1.  Whenever any funds other than court costs collected and disbursed pursuant to subsection 2 of section 488.012 are paid into the registry of any circuit court and the court determines, upon its own finding or after application by one of the parties, that such funds can be reasonably expected to remain on deposit for a period sufficient to provide income through investment, the court may make an order directing the clerk to deposit such funds as are described in the order in savings deposits in banks, savings and loan associations, credit unions, or in United States treasury bills and invest funds only in investments permitted by the state treasurer in Article IV, Section 15 of the Missouri Constitution.  Deposits of such funds in any bank or savings and loan association shall not exceed the limits of the federal deposit insurance on accounts in such institution.  Additional deposits in excess of FDIC, FSLIC and NCUSIF shall be secured by government securities or in accordance with the state treasurer's investment requirements in Article IV, Section 15 of the Missouri Constitution.  All such accounts shall be in the name of the "Clerk of the ______ Court as Trustee in ______ (Style and Cause Number)", the exact name to be prescribed in the court's order.  The court may prescribe a bond or other guarantee for the security of the fund.  Necessary costs, including reasonable costs for administering the investment, may be paid from the income received from the investment of the trust fund.  The net income so derived shall be added to and become a part of the principal.

  2.  In the absence of such an application by one of the parties within sixty days from the payment of such funds into the registry of the court, the clerk of the court may invest funds placed in the registry of the court in savings deposits in banks, credit unions or savings and loan associations carrying federal deposit insurance to the extent of the insurance or in United States treasury bills and invest funds only in investments permitted the state treasurer in Article IV, Section 15 of the Missouri Constitution and the income derived therefrom may be used by the clerk for paying the premiums on bonds of employees of the clerk, rent on safety deposit boxes, subscriptions on publications available pursuant to section 477.235, books and publications of the Missouri Bar and books and other publications and materials published by the state of Missouri, printing of pamphlets or booklets of the rules adopted by the court or clerk and forms used in the court which comply with the statutes of the state of Missouri and the rules of the supreme court, copies of which shall be distributed to litigants and members of the bar practicing in the court, and other expenditures of the circuit clerk's office, and the balance, if any, shall be paid into the general revenue fund of the county, except that when provision is made in a county charter for the appointment of a court administrator to perform the duties of a circuit clerk or for the appointment of a circuit clerk by the court, such income may also be used for any expenditures of the court other than expenditures for travel or entertainment.  If any application for the investment of such funds is filed by one of the parties after sixty days, an order may be entered providing for investment of funds as provided in subsection 1 of this section, and the clerk shall thereupon reinvest such funds within a reasonable time thereafter in accordance with the order.

  3.  As used in this section and section 483.312, the term "clerk" shall mean the circuit clerk with respect to funds in those cases for which the circuit clerk is responsible for collecting court costs as provided in section 483.550 and shall also mean those clerks who are designated by or pursuant to section 483.550 to collect court costs with respect to funds in those cases for which they are so made responsible for collecting court costs.

  4.  If a clerk is charged by a court with collecting any moneys which are not court costs as defined by sections 488.010 to 488.020, the clerk may use any of the procedures provided by sections 488.010 to 488.020 to collect such funds, if not paid as ordered by the court.

  5.  The clerk may deposit funds in depository institutions and invest funds only in investments permitted by the state treasurer in Article IV, Section 15 of the Missouri Constitution.

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(L. 1947 V. I p. 428 § 1, A.L. 1971 S.B. 136, A.L. 1977 H.B. 180, A.L. 1978 H.B. 1634, A.L. 1982 S.B. 497, A.L. 1985 S.B. 388, A.L. 1987 S.B. 65, et al., A.L. 1989 H.B. 792, A.L. 1996 S.B. 869, A.L. 1999 S.B. 386)

(2006) Award to circuit court clerk of interest on liability insurance proceeds, in absence of timely application for investment of funds, does not constitute state action and thus is not a taking without just compensation.  Grinnell Mutual Reinsurance Co. v. Walters, 194 S.W.3d 830 (Mo.banc).


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