361.550. Effect of accepting claims--statute of limitations for action upon claims not accepted--necessary allegations. - Missouri Statutes

Effect of accepting claims--statute of limitations for action uponclaims not accepted--necessary allegations.

361.550. 1. When the director has approved a duly filedclaim and has filed the same endorsed "approved" in his office,the claimant, unless such claim is entitled by law to priority ofpayment, shall be entitled to share ratably with other generalcreditors in the distribution of the assets of such corporationas such assets are distributed pursuant to section 361.570.

2. When the time within which the director is required toapprove or reject claims has expired and at any time within sixmonths thereafter, a claimant whose claim has been duly filed andhas not been approved by the director may institute and maintainan action thereon against such corporation. No action shall bemaintained against such corporation while the director is inpossession of its affairs and business unless brought within theperiod of limitation specified in this section.

3. In all actions or proceedings instituted against suchcorporation while the director is in possession of its propertyand business, the plaintiff shall be required to allege and provethat the claim upon which the action is instituted was duly filedand that sixty days have elapsed since the expiration of time forfiling said claims and that said claim has not been approved.

(RSMo 1939 § 7932)

Prior revisions: 1929 § 5337; 1919 § 11720