375.1224. Unclaimed funds, deemed unclaimed property--effect. - Missouri Statutes

Unclaimed funds, deemed unclaimed property--effect.

375.1224. 1. All unclaimed funds subject to distributionremaining in the liquidator's hands when he is ready to apply tothe court for discharge, including the amount distributable toany creditor, shareholder, member or other person who is unknownor cannot be found, shall be deposited with the director of thedepartment of economic development to be held and disposed of asprovided by laws for unclaimed property.

2. All funds withheld under section 375.1212 which are notdistributed shall upon discharge of the liquidator be depositedwith the director of the department of economic development asprovided by laws for unclaimed property and distributed by him inaccordance with section 375.1218. Any sums remaining which undersection 375.1218 would revert to the undistributed assets of theinsurer shall be converted to cash and paid to the statetreasurer for deposit to the general revenue fund of the state.

3. This section shall be applicable to proceedingsinstituted before and after August 28, 1991.

(L. 1991 H.B. 385, et al. § 94, A.L. 1992 H.B. 1574)

CROSS REFERENCE:

Dissolution of business, unclaimed intangible personal property presumed abandoned, when, RSMo 447.527