361.330. Corporation not to make assignment--duty when in failing condition. - Missouri Statutes

Corporation not to make assignment--duty when in failing condition.

361.330. 1. It shall be unlawful in this state for anycorporation subject to the provisions of this chapter to make avoluntary general assignment of its business and affairs.

2. In case it shall find itself to be in a failingcondition, it shall immediately place itself in the hands of thedirector.

3. Any deed of voluntary general assignment executed by anysuch corporation shall be null and void, and in case the officersor directors of any such institution shall endeavor to make anyvoluntary general assignment of its assets, the director shallimmediately take possession thereof and proceed, as provided insection 361.340 and following.

4. All transfers of the notes, bonds, bills of exchange, orother evidence of debt owing to any corporation, or of depositsto its credit; all assignments of mortgages, securities on realestate or of judgments or decrees in its favor; all deposits ofmoney, bullion or other valuable thing for its use, or for theuse of any of its shareholders or creditors; and all payments ofmoney to it, made after the commission of an act of insolvency,or in contemplation thereof, made with a view to prevent theapplication of its assets in the manner prescribed by thischapter, or with a view to the preference of one creditor toanother, shall be utterly null and void.

5. No attachment, injunction or execution shall be issuedagainst such corporation, or its property, before final judgmentin any suit, action or proceeding in any state, county ormunicipal court.

(RSMo 1939 § 7912)

Prior revisions: 1929 § 5318; 1919 § 11701; 1909 § 1084

CROSS REFERENCE:

Sale of whole or part of assets to another bank, RSMo 362.330