§ 362.570 — Application of trust guaranty fund.

Missouri § 362.570

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

Text

1.  The trust guaranty fund shall be absolutely pledged for the faithful performance by the bank or trust company of its duties and undertakings under the provisions of subsection 3 of section 362.105 and shall be applied to make good any default in the performance.  The pledge and liability shall not in any way relieve the stock and general funds of the bank or trust company, but creditors under the subdivisions shall have an equal claim with other creditors upon the capital and other property of the bank or trust company in addition to the security hereby given, and in addition to the deposit made with the finance director under the provisions of section 362.590 .

2.  No portion of the trust guaranty fund shall be transferred to the general capital while the bank or trust company has undertakings of the kinds mentioned in subsection 3 of section 362.105 , for whose performance bonds are required from individuals, outstanding and uncompleted, but income therefrom, if not required at any dividend time to make good such undertakings, may be added to and disposed of with the general income of the bank or trust company.

Legislative History

(L. 1967 p. 445, A.L. 2021 S.B. 106) (Source: RSMo 1959 § 363.220)