431.170. Action against assignor by assignee, when. - Missouri Statutes

Action against assignor by assignee, when.

431.170. The assignee of a bond, nonnegotiable note oraccount, may maintain an action against the assignor, uponfailure to obtain payment from the obligor, maker or debtor, onlyin one of the following cases:

(1) If he use due diligence in the institution andprosecution of a suit against the obligor, maker or debtor, forthe recovery of the money or property due, or damages in lieuthereof;

(2) If the obligor, maker or debtor is insolvent, or is nota resident of this state, so that a suit would be unavailing orcould not be instituted.

(RSMo 1939 § 3347)

Prior revisions: 1929 § 2960; 1919 § 2162; 1909 § 2776