430.350. Rights of sureties who pay bonds of insolvent or deceased principals. - Missouri Statutes

Rights of sureties who pay bonds of insolvent or deceased principals.

430.350. Whenever the principal in any bond given to thestate of Missouri is insolvent, or whenever such principal beingdeceased, his estate and effects which come to the hands of hisexecutor, administrator or assignee are insufficient for thepayment of his debts, and in either of such cases, any surety onthe bond, or the executor, administrator or assignee of suchsurety, pays to the state of Missouri the money due upon suchbond, said surety, his executor or administrator or assignee,shall have the like priority for the recovery and receipt of themoneys out of the estate and effects of such insolvent ordeceased principal as is secured to the state of Missouri, andmay bring and maintain a suit upon the bond in law or equity inhis own name for the recovery of all moneys paid thereon.

(RSMo 1939 § 3544)

Prior revisions: 1929 § 3154; 1919 § 7214; 1909 § 8210