347.077. Misapplication of money, liability. - Missouri Statutes

Misapplication of money, liability.

347.077. 1. If an authorized person, acting within thescope of his apparent authority, receives money or property of aperson who is not a member or manager of the limited liabilitycompany and misapplies it, the limited liability company isliable for all damages permitted by law as a consequence of suchactionable conduct.

2. If the limited liability company, in the course of itsbusiness, receives money or property of a third person and themoney or property so received is misapplied by any member ormanager while it is in the custody of the limited liabilitycompany, the limited liability company is liable for all damagespermitted by law as a consequence of such actionable conduct.

(L. 1993 S.B. 66 & 20 § 359.744)

Effective 12-1-93