361.200. Unclaimed deposits, dividends and interest--deposit by director in trust--preference. - Missouri Statutes

Unclaimed deposits, dividends and interest--deposit by director intrust--preference.

361.200. 1. The director may take and hold as trustee forthe owners thereof any sums which remain due to and unclaimed byany creditor, depositor, stockholder or shareholder of anycorporation, to which this chapter is applicable, after thecompletion of the voluntary or involuntary liquidation of thebusiness and affairs of such corporation.

2. Whenever such sums are received by the director and he isnot in possession of the business and affairs of suchcorporation, he shall give his receipt for such moneys and shallforthwith deposit them in one or more solvent state banks, trustcompanies or savings banks, to the credit of the director intrust for the persons entitled thereto.

3. At the completion of a liquidation by the director or anyreceiver, he shall in like manner deposit such moneys at theexpiration of six months after the order for final distribution.

4. All such deposits by the director shall be entitled topriority of payment in case of the insolvency or voluntary orinvoluntary liquidation of the depositary on an equality with anyother priority given by this chapter.

(RSMo 1939 § 7897)

Prior revisions: 1929 § 5303; 1919 § 11691

(1951) Where, after closing of bank, plans were adopted resulting in transfer of part of assets and equal percent of liabilities to another bank and remainder to liquidating trustees, transfer to trustees was assignment for benefit of creditors under § 470.010 so that unclaimed liquidating dividends in hands of trustees escheat. Jones v. Fidelity Nat. Bank & Trust Co., 362 Mo. 712, 243 S.W.2d 970.