§ 362.360 — Interpleader in certain actions — funds may remain in bank — costs.

Missouri § 362.360

• Jurisdiction: Missouri
• Title XXIV: BUSINESS AND FINANCIAL INSTITUTIONS
• Ch. 362: Banks and Trust Companies

Text

1.  In all actions against any bank or trust company to recover for moneys on deposit or property left in a safe deposit box therewith, if there be any person or persons, not parties to the action, who claim the same fund, the court in which the action is pending may, on the petition of the bank or trust company, and upon eight days' notice to the plaintiff and the claimants, and without proof as to the merits of the claim, make an order amending the proceeding in the action by making the claimants parties defendant thereto; and the court shall thereupon proceed to determine the rights and interests of the several parties to the action in and to the property.  The remedy provided in this section shall be in addition to and not exclusive of remedies now or hereafter existing.

2.  The funds on deposit or property which are the subject of the action may remain with the bank or trust company subject to the order of the court until final judgment therein, and, if deposits, be entitled to the same interest as other deposits of the same class, and shall be paid by the bank or trust company in accordance with the final judgment of the court; or in the discretion of the court, the deposit or property in controversy may be paid into or placed with the court to await the final determination of the action, and when the deposit or property is so paid into or placed with the court the bank or trust company shall be struck out as a party to the action, and its liability for the deposit or property shall cease.

3.  The costs in all actions against a bank or trust company to recover deposits or property shall be in the discretion of the court, and may be charged upon the fund or property affected by the action.

Legislative History

(RSMo 1939 § 7979, A.L. 1967 p. 445, A.L. 1981 S.B. 28) Prior revisions: 1929 § 5384; 1919 § 11766 (1952) Where defendant bank filed answer and interpleader and took position that deposit belonged to the estate of plaintiff's mother rather than to plaintiff, and court sustained interpleader and ordered other parties to be brought in, but did not dischargebank, there was no appealable order. Heinrich v. South Side Nat. Bank, 363 Mo. 220, 250 S.W.2d 345. (1953) Husband and wife having joint bank account both became ill and husband then arranged to have Simrall's name added to the account. Upon death of husband, Simrall came into bank and nearly all of deposit was, with Simrall's consent, transferred to escrow account. Wife subsequently died.  Interpleader by bank held proper. Clay County Bank v. Simrall (A.), 259 S.W.2d 422.