411.280. Warehouseman's net worth, requirements--deficiency, how corrected. - Missouri Statutes

Warehouseman's net worth, requirements--deficiency, how corrected.

411.280. Every warehouseman licensed under the provisions of thischapter shall have and maintain a net worth equal to the greater of tenthousand dollars or the amount which results from multiplying the storagecapacity of the warehouse by fifteen cents per bushel. Capital stock, forthe purpose of determining the net worth, shall not be considered aliability. Any deficiency in required net worth above the ten thousanddollar minimum requirement may be met by supplying additional bond in anamount equal to one thousand dollars for each one thousand dollars orfraction thereof of deficiency.

(L. 1941 p. 373 § 46, A.L. 1965 p. 606, A.L. 1977 S.B. 75, A.L. 1980 S.B. 601, A.L. 1986 H.B. 1578, A.L. 1997 H.B. 211)

Effective 4-2-97