141.790. Proceeds of sale of real estate disposed of by a land trust--distribution (charter counties and certain first class counties). - Missouri Statutes

Proceeds of sale of real estate disposed of by a landtrust--distribution (charter counties and certain first classcounties).

141.790. When any parcel of real estate is sold or otherwise disposedof by the land trust, the proceeds therefrom shall be applied anddistributed in the following order:

(1) To the payment of the expenses of sale;

(2) The balance to be retained by the land trust to pay the salariesand other expenses of such land trust and of its employees, incident to theadministration of sections 141.210 to 141.810, including any expendituresauthorized by section 141.760, as provided for in its annual budget;

(3) Any funds in excess of those necessary to meet the expenses ofthe annual budget of the land trust in any fiscal year, and including areasonable sum to carry over into the next fiscal year to assure thatsufficient funds will be available to meet initial expenses for that nextfiscal year, may be paid to the respective taxing authorities which, at thetime of the distribution, are taxing the real property from which theproceeds are being distributed. The distributions shall be in proportionto the amounts of the taxes levied on the properties by the taxingauthorities; distribution shall be made on January first and July first ofeach year, and at such other times as the land trustees in their discretionmay determine.

(L. 1943 p. 1029 § 44, A.L. 2002 H.B. 1634, A.L. 2004 H.B. 975)