361.480. Director may borrow on assets of closed corporation.

Director may borrow on assets of closed corporation.

361.480. 1. The director of finance, deputy director offinance, liquidating agent, receiver or other person or personslawfully in charge of the property and business of any closedbank or trust company is authorized, upon the order of thecircuit court in and for the county in which the principal officeof the bank or trust company is located, to borrow money in thename of the delinquent corporations and to issue evidences ofindebtedness therefor and to renew the indebtedness and to securethe repayment of the same by the mortgage, pledge, transfer intrust and/or hypothecation of any or all of the property of thebank or trust company, whether real, personal or mixed, superiorto any charge thereon for expenses of liquidation, as provided insection 361.410.

2. These loans may be obtained and used for the purposes offacilitating liquidation, protecting or preserving the assets inhis charge, expediting the making of distributions to depositorsand other creditors, providing for the expenses of administrationand liquidation or aiding in the reopening or reorganization ofthe bank or trust company, or its merger or consolidation withanother bank or trust company, or the sale of all or any part ofits assets.

3. The director of finance, deputy director of finance,liquidating agent, receiver or other person or persons lawfullyin charge of the property and business of the bank or trustcompany shall be under no personal obligation to repay any loansso made and shall have power to take any and all actionsnecessary or proper to consummate the loan and to provide for therepayment thereof and to give bond, when required, for thefaithful 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 chargeof the property and business of the bank or trust company shallmake application to the circuit court for approval of the loanand the giving of security therefor. Notice of the applicationsshall be given by publication once each week for two consecutiveweeks in each case, upon any weekday of the week, in a newspaperof general circulation in the county. Hearing on the applicationshall be had not less than ten days after the first publicationof the notice. At the hearing upon the application anystockholder, depositor or other creditor of the bank or trustcompany shall have the right to appear and be heard thereon.Prior to the obtaining of the court order the director offinance, deputy director of finance, liquidating agent, receiveror other person or persons lawfully in charge of the property andbusiness of the bank or trust company may make application ornegotiate for the loan or loans subject to the obtaining of thecourt order.

(RSMo 1939 § 7925, A.L. 1967 p. 445, A.L. 1978 H.B. 1634)

Effective 1-2-79