426.320. Payments to creditors, when and in what amounts--penalty for failure.

MISSOURI STATUTES AND CODES

426.320. Payments to creditors, when and in what amounts--penalty for failure.

Payments to creditors, when and in what amounts--penalty for failure.

426.320. As soon as practicable, and not exceeding one monthafter the time for an allowance of demands had under thischapter, the assignee or assignees shall pay upon the demandsallowed, according to their right, as much as the means on handwill permit, after reserving enough for proper fees, costs,expenses and demands, whose trial is legally continued orremoved; and as often thereafter as a dividend of five percentcan be paid upon the demands allowed as aforesaid, the assigneeor assignees shall give notice thereof by publication, for oneweek, in the same newspaper in which was published the notice forallowance of demands, or in such other newspaper as the court, orjudge thereof in vacation, may direct; and if such assignee orassignees shall neglect or refuse to make payment out of suchtrust fund, as in this section required, for more than three daysafter the same have become due and have been demanded by theperson entitled thereto, his agent or attorney, or if he or theyshall in any wise neglect or refuse to comply with the provisionsof this section, he or they shall, for every such neglect orrefusal, forfeit and pay to the person aggrieved five percent permonth interest on such sum as such person was entitled to at thetime of such demand, to be recovered by motion in the courthaving jurisdiction of said assignment; and any judgment renderedby said court, on the hearing of such motion, shall be againstsaid assignee or assignees and his or their securities on theirtrust, provided for in this chapter; and such assignee orassignees shall, in addition to such forfeiture, be subject to bedismissed from his or their trust by said court, for such neglectand refusal, on motion and citation for that purpose.