§ 361.200 — Unclaimed deposits, dividends and interest — deposit by director in trust — preference.

Missouri § 361.200

• Jurisdiction: Missouri
• Title XXIV: BUSINESS AND FINANCIAL INSTITUTIONS
• Ch. 361: Division of Finance and Powers of Director of Finance

Text

1.  The director may take and hold as trustee for the owners thereof any sums which remain due to and unclaimed by any creditor, depositor, stockholder or shareholder of any corporation, to which this chapter is applicable, after the completion of the voluntary or involuntary liquidation of the business and affairs of such corporation.

2.  Whenever such sums are received by the director and he is not in possession of the business and affairs of such corporation, he shall give his receipt for such moneys and shall forthwith deposit them in one or more solvent state banks, trust companies or savings banks, to the credit of the director in trust for the persons entitled thereto.

3.  At the completion of a liquidation by the director or any receiver, he shall in like manner deposit such moneys at the expiration of six months after the order for final distribution.

4.  All such deposits by the director shall be entitled to priority of payment in case of the insolvency or voluntary or involuntary liquidation of the depositary on an equality with any other priority given by this chapter.

Legislative History

(RSMo 1939 § 7897) Prior revisions: 1929 § 5303; 1919 § 11691 (1951) Where, after closing of bank, plans were adopted resulting in transfer of part of assets and equal percent of liabilities to another bank and remainder to liquidating trustees, transfer to trustees was assignment for benefit of creditors under § 470.010 so that unclaimed liquidating dividends in hands of trustees escheat. Jones v. Fidelity Nat. Bank & Trust Co., 362 Mo. 712, 243 S.W.2d 970.