379.090. Premium notes, how payable. - Missouri Statutes

Premium notes, how payable.

379.090. 1. Every person who shall insure in such mutualcompany, whose premium is payable by note, shall, before hereceives his policy, deposit with the company a note for such sumor sums of money as may be agreed upon for the premium, a part,not less than ten percent of which, shall be immediately paid incash before the company shall be liable for any loss; and theremainder of said note shall be made payable at any time, and inpart or the whole as the directors of said company may demand,upon an assessment to be made by them whenever they shall deemthe same necessary, for the payment of losses, expenses and otherliabilities of said company; said note, or such part thereof asshall remain unpaid at the expiration or termination of thepolicy, shall be given up to the maker of the same, provided allassessments upon such note and all liabilities of said maker tothe company shall have been paid.

2. All buildings and other property, real and personal,insured by and with such company, together with all right, titleand interest of the insured to the lands on which such buildingsare situated, shall be pledged to such company, and the companyshall have a lien thereon until the aforesaid note is fully paid;provided, that the maker of said note shall assent to such lienin writing upon the face of the same.

(RSMo 1939 § 5920)

Prior revisions: 1929 § 5809; 1919 § 6219; 1909 § 7010