376.220. May use realty to secure notes and bonds. - Missouri Statutes

May use realty to secure notes and bonds.

376.220. Should any company depositing under section 376.170 become theowner of real estate for its own use and accommodations, or become temporarilyseized and possessed of real estate in satisfaction of debt for which suchreal estate was pledged for security, such company may execute its own notefor the value of such real estate, payable to the director, as trustee, andsecure the said notes or bonds by duly recorded deeds of trust of said realestate; which notes or bonds thus secured may be deposited with said directoras proper security, under and according to the provisions of sections 376.010to 376.670, said value to be subject to the approval of the director of thedepartment of insurance, financial institutions and professional registration.

(RSMo 1939 § 5820)

Prior revisions: 1929 § 5709; 1919 § 6120; 1909 § 6914