30.290. Liability of treasurer and depositaries. - Missouri Statutes

Liability of treasurer and depositaries.

30.290. 1. The state treasurer shall not be responsiblefor any moneys or bonds deposited in a bank, banks or bankinginstitutions or safe depositary under the provisions of thischapter while the same remain there deposited with the consentof the governor and state auditor, but the state treasurer shallbe chargeable with the safekeeping, management and disbursementof the bonds deposited with him as security for deposits ofstate moneys, and with the proceeds arising from any salethereof under the provisions of this chapter, and his suretieson his official bond shall be held liable for any default in thefaithful performance of any duty required of said treasurerunder or by virtue of any of the provisions of this chapter.

2. Neither the state treasurer nor the sureties on hisofficial bond shall be liable for any loss to any fund of thestate occasioned by the sale of any obligation of the UnitedStates government acquired by the state treasurer pursuant tolaw at a price which does not restore to the fund the cost ofsuch obligation where such sale was made by the state treasurerin the good faith exercise of the power of sale reposing in himby law. Good faith compliance by the state treasurer withsubsection 2 of section 30.260 shall be a full justification forthe action of the state treasurer in the investment of statemoneys although different action by the state treasurer wouldhave yielded a greater return on the state moneys.

3. Depositaries of state moneys shall not be liable for anydefault in the faithful performance of any duty imposed upon thestate treasurer by law in regard to any withdrawal of moneysfrom any bank account, demand or time, maintained by him.

(RSMo 1939 § 13092, A.L. 1945 p. 1977 § 42, A.L. 1957 p. 484)

Prior revisions: 1929 § 11476; 1919 § 13386; 1909 § 11887