483.312. Security required for deposit of funds in circuit court registry.

MISSOURI STATUTES AND CODES

483.312. Security required for deposit of funds in circuit court registry.

Security required for deposit of funds in circuit court registry.

483.312. 1. Whenever any funds subject to section 483.310 placed inthe registry of the circuit court in any county, and in cities now havingor which hereafter have six hundred thousand inhabitants or more, aredeposited in a banking institution, the funds in excess of the amount, ifany, of federal deposit insurance carried by said banking institution underthe law as it now exists or as it may be hereafter amended, shall besecured by the depositary by the deposit of securities of the characterprescribed by section 30.270, RSMo, for the security of funds deposited bythe state treasurer under the provisions of section 30.240, RSMo.

2. The securities shall have a constant value equal to the excess ofthe deposit over the federal deposit insurance, if any, and at the optionof the depositary banking institution, be delivered to the clerk, or bedeposited with such disinterested banking institution or safe depositary astrustee as may be satisfactory to both parties to the depositary agreement.

3. The rights and duties of the several parties to the depositarycontract shall be the same as those of the state and the depositary bankinginstitution respectively under section 30.270, RSMo. If a depositarybanking institution deposits the bonds or securities with a trustee asabove provided, and the clerk gives notice in writing to the trustee thatthere has been a breach of the depositary contract and makes demand inwriting on the trustee for the securities, or any part thereof, then thetrustee shall forthwith surrender to the clerk a sufficient amount of thesecurities as may fully protect the depositor from loss and the trusteeshall thereby be discharged of all further responsibility in respect to thesecurities so surrendered.