108.290. Registered bonds, lawful security. - Missouri Statutes

Registered bonds, lawful security.

108.290. Any and all bonds registered by the state auditor under theprovisions of the laws of this state, and any and all bonds that have been ormay be duly issued by any county or city or school district having apopulation of over three hundred thousand inhabitants, whereon there is nodefault in payment of principal or interest, may be accepted as good andlawful security for the investment of the capital stock, surplus and reservefunds of any insurance or fraternal benefit society incorporated in orauthorized to transact business in this state, or trust company authorized totransact business in this state. The state director of the department ofinsurance, financial institutions and professional registration is herebyauthorized to accept such bonds as security or pledge in all cases where suchpledge or security is required by the laws of this state. Such bonds may beaccepted by the state treasurer as security for the deposit of any and allstate funds, and by county and city treasurers as security for the deposit ofany and all county and city funds. They shall also be eligible for theinvestment of any funds in the possession of any administrator, executor,guardian, curator, trustee and all other persons sustaining fiduciaryrelations. Such investments may be made without an order of court first hadand obtained, and without incurring liability for loss, except in case ofinexcusable negligence.

(RSMo 1939 § 3307, A.L. 1951 p. 798)

Prior revisions: 1929 § 2921; 1919 § 1069