Effective - 02 Jan 1979
361.480. Director may borrow on assets of closed corporation. — 1. The director of finance, deputy director of finance, liquidating agent, receiver or other person or persons lawfully in charge of the property and business of any closed bank or trust company is authorized, upon the order of the circuit court in and for the county in which the principal office of the bank or trust company is located, to borrow money in the name of the delinquent corporations and to issue evidences of indebtedness therefor and to renew the indebtedness and to secure the repayment of the same by the mortgage, pledge, transfer in trust and/or hypothecation of any or all of the property of the bank or trust company, whether real, personal or mixed, superior to any charge thereon for expenses of liquidation, as provided in section 361.410.
2. These loans may be obtained and used for the purposes of facilitating liquidation, protecting or preserving the assets in his charge, expediting the making of distributions to depositors and other creditors, providing for the expenses of administration and liquidation or aiding in the reopening or reorganization of the bank or trust company, or its merger or consolidation with another bank or trust company, or the sale of all or any part of its assets.
3. The director of finance, deputy director of finance, liquidating agent, receiver or other person or persons lawfully in charge of the property and business of the bank or trust company shall be under no personal obligation to repay any loans so made and shall have power to take any and all actions necessary or proper to consummate the loan and to provide for the repayment thereof and to give bond, when required, for the faithful performance of all undertakings in connection therewith.
4. The director of finance, deputy director of finance, liquidating agent, receiver or other person or persons in charge of the property and business of the bank or trust company shall make application to the circuit court for approval of the loan and the giving of security therefor. Notice of the applications shall be given by publication once each week for two consecutive weeks in each case, upon any weekday of the week, in a newspaper of general circulation in the county. Hearing on the application shall be had not less than ten days after the first publication of the notice. At the hearing upon the application any stockholder, depositor or other creditor of the bank or trust company shall have the right to appear and be heard thereon. Prior to the obtaining of the court order the director of finance, deputy director of finance, liquidating agent, receiver or other person or persons lawfully in charge of the property and business of the bank or trust company may make application or negotiate for the loan or loans subject to the obtaining of the court order.
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(RSMo 1939 § 7925, A.L. 1967 p. 445, A.L. 1978 H.B. 1634)
Effective 1-02-79
Structure Missouri Revised Statutes
Title XXIV - Business and Financial Institutions
Chapter 361 - Division of Finance and Powers of Director of Finance
Section 361.005 - Definitions, chapters 361, 362, and 369.
Section 361.010 - Division of finance created — location of office — transfer of division.
Section 361.020 - Powers of division.
Section 361.030 - Seal — recording of documents.
Section 361.040 - Director — appointment — term of office.
Section 361.050 - Director — qualifications.
Section 361.060 - Deputy director — appointment — qualifications — duties.
Section 361.080 - Confidential information — exceptions — penalty for disclosure.
Section 361.090 - Compensation and travel expenses, how paid.
Section 361.092 - State banking and savings and loan board created.
Section 361.093 - Board to advise and recommend.
Section 361.094 - Board to determine appeals — procedure — hearing officer authorized.
Section 361.095 - Procedure on appeals — costs — parties — judicial review.
Section 361.097 - Board members, appointment, qualifications, terms.
Section 361.098 - Board members, compensation — quorum of board — meetings — seal.
Section 361.100 - Deposits in state treasury.
Section 361.110 - Report of work of division, contents — retention of statements.
Section 361.120 - Preservation of records — report to governor — destruction of records, when.
Section 361.130 - Reports to director — information accepted in lieu of reports.
Section 361.150 - Acceptance of gifts or favors prohibited.
Section 361.160 - Examination of banks and trust companies.
Section 361.180 - False report of corporation solvency.
Section 361.190 - Claims entitled to priority, liquidation or insolvency.
Section 361.220 - Index of persons entitled to unclaimed sums — payment to persons entitled.
Section 361.230 - Branch offices — approval — certificate.
Section 361.240 - Director's approval — discretion — filing — written waivers required.
Section 361.250 - Extensions of time by director.
Section 361.259 - Director's powers extend to out-of-state banks operating in Missouri.
Section 361.261 - Authority to issue orders — includes certain other powers.
Section 361.266 - Stay of suspension or prohibition, procedure.
Section 361.270 - Report to attorney general and action by him in certain cases.
Section 361.280 - Proceedings in name of director for violations of the provisions of this chapter.
Section 361.290 - Penalty for neglect of duty or misfeasance or malfeasance in office.
Section 361.300 - Director may take possession of property of corporation.
Section 361.310 - Information to prosecuting attorney.
Section 361.320 - Director may maintain action against officers, when.
Section 361.330 - Corporation not to make assignment — duty when in failing condition.
Section 361.340 - Circumstances under which possession by director may terminate.
Section 361.360 - Director's possession may be challenged, when.
Section 361.370 - Director may surrender possession for resumption or liquidation.
Section 361.380 - Surrender for liquidation.
Section 361.390 - Liquidation — special deputy may be appointed.
Section 361.400 - Director's assistant may be appointed as special deputy.
Section 361.410 - Expenses of liquidation, how paid.
Section 361.440 - Inventory of assets to be made and filed.
Section 361.480 - Director may borrow on assets of closed corporation.
Section 361.490 - Deposit of moneys collected — preference.
Section 361.510 - Notice to creditors to make proof of claims.
Section 361.520 - Director to list claims duly presented.
Section 361.530 - Objections to claims — procedure.
Section 361.540 - Claims approved or rejected — list of such claims.
Section 361.560 - Judgments recovered after director takes possession shall not be liens.
Section 361.570 - Dividends to creditors — priorities — disposition of unclaimed dividends.
Section 361.600 - Duties of director where stockholders elect another to liquidate.
Section 361.700 - Sale of checks law, how cited — definitions.
Section 361.718 - Reserve required — director may demand proof, when.
Section 361.720 - Licensee may conduct business through unlicensed agents and employees.
Section 361.723 - Annual report filed with director, content.
Section 361.725 - Revocation or suspension of license — grounds — procedure.