Effective - 28 Aug 1939
426.320. Payments to creditors, when and in what amounts — penalty for failure. — As soon as practicable, and not exceeding one month after the time for an allowance of demands had under this chapter, the assignee or assignees shall pay upon the demands allowed, according to their right, as much as the means on hand will permit, after reserving enough for proper fees, costs, expenses and demands, whose trial is legally continued or removed; and as often thereafter as a dividend of five percent can be paid upon the demands allowed as aforesaid, the assignee or assignees shall give notice thereof by publication, for one week, in the same newspaper in which was published the notice for allowance of demands, or in such other newspaper as the court, or judge thereof in vacation, may direct; and if such assignee or assignees shall neglect or refuse to make payment out of such trust fund, as in this section required, for more than three days after the same have become due and have been demanded by the person entitled thereto, his agent or attorney, or if he or they shall in any wise neglect or refuse to comply with the provisions of this section, he or they shall, for every such neglect or refusal, forfeit and pay to the person aggrieved five percent per month interest on such sum as such person was entitled to at the time of such demand, to be recovered by motion in the court having jurisdiction of said assignment; and any judgment rendered by said court, on the hearing of such motion, shall be against said assignee or assignees and his or their securities on their trust, provided for in this chapter; and such assignee or assignees shall, in addition to such forfeiture, be subject to be dismissed from his or their trust by said court, for such neglect and refusal, on motion and citation for that purpose.
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(RSMo 1939 § 5770)
Prior revisions: 1929 § 5660; 1919 § 656; 1909 § 929
Structure Missouri Revised Statutes
Title XXVII - Debtor-Creditor Relations
Chapter 426 - Assignment for Benefit of Creditors
Section 426.010 - Voluntary assignment — execution of.
Section 426.020 - Assignee to file inventory, when and where.
Section 426.030 - Inventory to be sworn to.
Section 426.040 - Appraisers, appointment of.
Section 426.050 - Oath, filing and compensation of appraisers.
Section 426.060 - Additional property, duty of assignee.
Section 426.070 - Assignor's list of property — filing of bond of assignee — additional bond.
Section 426.080 - Bond, condition of.
Section 426.090 - Bond, where filed and recorded — approval.
Section 426.100 - Bonds taken in absence of judge, approval or rejection.
Section 426.110 - If rejected, court to order new bond — failure to give revokes authority.
Section 426.120 - Rejected bond valid until new one given — new bond relates back.
Section 426.130 - Suit on bond, by whom and when brought — damages.
Section 426.140 - Assignee to exhibit accounts, when and how — failure — citation — dismissal.
Section 426.150 - Notice of allowance of assignee's accounts by court, how given.
Section 426.160 - Expense of advertising.
Section 426.170 - Demands against estates, how and when allowed.
Section 426.190 - Assignee may administer oaths and examine witnesses.
Section 426.200 - Evidence to establish demand.
Section 426.210 - Decisions of assignee final, unless appeal asked for — appeal to circuit court.
Section 426.220 - Appeals, how taken — affidavit and bond for.
Section 426.230 - Proceedings in circuit court upon appeal.
Section 426.240 - Judgment certified to assignee and claim allowed, when.
Section 426.250 - Demand of assignee against assignor, how allowed.
Section 426.260 - Assignee failing to file true inventory and give bond, court to issue citation.
Section 426.280 - Insolvency or removal from state of surety, proceedings.
Section 426.290 - Assignee, vacancy — appointment.
Section 426.300 - Dismissal of assignee — books to be delivered to successor.
Section 426.310 - Sale of property assigned, how made.
Section 426.320 - Payments to creditors, when and in what amounts — penalty for failure.
Section 426.330 - Assignee shall exhibit condition of assets, when.
Section 426.340 - Failure to exhibit condition of assets — citation of assignee.
Section 426.350 - Assignee may apply for discharge, when and how.
Section 426.360 - Application referred to commissioner, when — proceedings.
Section 426.370 - If objections made, court to determine same, when and how.
Section 426.380 - Appeals, how taken.
Section 426.390 - Proceedings when temporary assignee fails to act, how conducted.
Section 426.400 - Court may order assignee to compromise debts, when and how.
Section 426.410 - Defining the power and authority of assignees.