311.401. Repossessed liquor, sale by lending institution, when--no license required.
Repossessed liquor, sale by lending institution, when--no licenserequired.
311.401. Any lending institution doing business with any distiller,wholesaler, winemaker, brewer, or retailer in Missouri duly licensed underthis chapter shall have the right to sell intoxicating liquor which suchlending institution has repossessed to a retailer duly licensed under thischapter, with the approval of the supervisor of alcohol and tobaccocontrol, provided such liquor was originally taken as collateral for abusiness loan. No license or permit shall be required for such sale, andsuch sale shall be limited to cases, kegs, or barrels of such liquor, andany leftover unopened containers. Such transaction shall be subject to theprovisions of chapter 400, RSMo. As used in this section, the term"lending institution" means any bank or trust company incorporated underthe laws of this state or of the United States.
(L. 1983 S.B. 6, A.L. 2003 S.B. 298)