483.310. Investment of funds in registry--income, how used--clerk defined--collection of moneys, procedure. - Missouri Statutes

Investment of funds in registry--income, how used--clerkdefined--collection of moneys, procedure.

483.310. 1. Whenever any funds other than court costs collected anddisbursed pursuant to subsection 2 of section 488.012, RSMo, are paid intothe registry of any circuit court and the court determines, upon its ownfinding or after application by one of the parties, that such funds can bereasonably expected to remain on deposit for a period sufficient to provideincome through investment, the court may make an order directing the clerkto deposit such funds as are described in the order in savings deposits inbanks, savings and loan associations, credit unions, or in United Statestreasury bills and invest funds only in investments permitted by the statetreasurer in article IV, section 15 of the Missouri Constitution. Depositsof such funds in any bank or savings and loan association shall not exceedthe limits of the federal deposit insurance on accounts in suchinstitution. Additional deposits in excess of FDIC, FSLIC and NCUSIF shallbe secured by government securities or in accordance with the statetreasurer's investment requirements in article IV, section 15 of theMissouri Constitution. All such accounts shall be in the name of the"Clerk of the .......... Court as Trustee in .......... (Style and CauseNumber)", the exact name to be prescribed in the court's order. The courtmay prescribe a bond or other guarantee for the security of the fund.Necessary costs, including reasonable costs for administering theinvestment, may be paid from the income received from the investment of thetrust fund. The net income so derived shall be added to and become a partof the principal.

2. In the absence of such an application by one of the parties withinsixty days from the payment of such funds into the registry of the court,the clerk of the court may invest funds placed in the registry of the courtin savings deposits in banks, credit unions or savings and loanassociations carrying federal deposit insurance to the extent of theinsurance or in United States treasury bills and invest funds only ininvestments permitted the state treasurer in article IV, section 15 of theMissouri Constitution and the income derived therefrom may be used by theclerk for paying the premiums on bonds of employees of the clerk, rent onsafety deposit boxes, subscriptions on publications available pursuant tosection 477.235, RSMo, books and publications of the Missouri Bar and booksand other publications and materials published by the state of Missouri,printing of pamphlets or booklets of the rules adopted by the court orclerk and forms used in the court which comply with the statutes of thestate of Missouri and the rules of the supreme court, copies of which shallbe distributed to litigants and members of the bar practicing in the court,and other expenditures of the circuit clerk's office, and the balance, ifany, shall be paid into the general revenue fund of the county, except thatwhen provision is made in a county charter for the appointment of a courtadministrator to perform the duties of a circuit clerk or for theappointment of a circuit clerk by the court, such income may also be usedfor any expenditures of the court other than expenditures for travel orentertainment. If any application for the investment of such funds isfiled by one of the parties after sixty days, an order may be enteredproviding for investment of funds as provided in subsection 1 of thissection, and the clerk shall thereupon reinvest such funds within areasonable time thereafter in accordance with the order.

3. As used in this section and section 483.312, the term "clerk"shall mean the circuit clerk with respect to funds in those cases for whichthe circuit clerk is responsible for collecting court costs as provided insection 483.550 and shall also mean those clerks who are designated by orpursuant to section 483.550 to collect court costs with respect to fundsin those cases for which they are so made responsible for collecting courtcosts.

4. If a clerk is charged by a court with collecting any moneys whichare not court costs as defined by sections 488.010 to 488.020, RSMo, theclerk may use any of the procedures provided by sections 488.010 to488.020, RSMo, to collect such funds, if not paid as ordered by the court.

5. The clerk may deposit funds in depository institutions and investfunds only in investments permitted by the state treasurer in article IV,section 15 of the Missouri Constitution.

(L. 1947 V. I p. 428 § 1, A.L. 1971 S.B. 136, A.L. 1977 H.B. 180, A.L. 1978 H.B. 1634, A.L. 1982 S.B. 497, A.L. 1985 S.B. 388, A.L. 1987 S.B. 65, et al., A.L. 1989 H.B. 792, A.L. 1996 S.B. 869, A.L. 1999 S.B. 386)

(2006) Award to circuit court clerk of interest on liability insurance proceeds, in absence of timely application for investment of funds, does not constitute state action and thus is not a taking without just compensation. Grinnell Mutual Reinsurance Co. v. Walters, 194 S.W.3d 830 (Mo.banc).