362.570. Application of trust guaranty fund. - Missouri Statutes

Application of trust guaranty fund.

362.570. 1. The trust guaranty fund shall be absolutelypledged for the faithful performance by the bank or trust companyof its duties and undertakings under the provisions of subsection2 of section 362.105, and shall be applied to make good anydefault in the performance, and the pledge and liability shallnot in any way relieve the stock and general funds of the bank ortrust company, but creditors under the subdivisions shall have anequal claim with other creditors upon the capital and otherproperty of the bank or trust company in addition to the securityhereby given, and in addition to the deposit made with thefinance director under the provisions of section 362.590.

2. No portion of the trust guaranty fund shall betransferred to the general capital while the bank or trustcompany has undertakings of the kinds mentioned in subsection 2of section 362.105, for whose performance bonds are required fromindividuals, outstanding and uncompleted, but income therefrom,if not required at any dividend time to make good suchundertakings, may be added to and disposed of with the generalincome of the bank or trust company.

(L. 1967 p. 445)

(Source: RSMo 1959 § 363.220)