362.135. Liquidation of assets--funds held in trust.
Liquidation of assets--funds held in trust.
362.135. 1. Upon the assets of any bank or trust companyissuing capital notes being set apart for the use and benefit ofthe holders of such capital notes, as provided in section362.125, such bank or trust company shall proceed to collect andliquidate such assets and shall have full authority to sell orenter into any compromise concerning the same.
2. All amounts received or collected by such bank or trustcompany from the sale, collection or adjustment of such assetsand/or from such rights of participation provided for in section362.125 shall be deposited and kept by it in a separate fund andaccount, and all such amounts shall be held in trust for the useand benefit of the holders of such capital notes.
3. Whenever such funds so held in trust are equal to tenpercent of the aggregate amount of the notes then outstanding,such bank or trust company shall distribute and pay such funds tothe holders of such capital notes ratably; provided, however,that it shall not be required to make such distribution moreoften than once in sixty days.
4. In the event the director of finance shall takepossession of the business and property of any bank or trustcompany which has issued any such capital notes, such assets may,upon the request in writing to the director of finance by theholders of the majority in amount of such capital notes, be soldto the highest bidder for cash, and the proceeds thereof shall bepaid into the fund above provided for retirement of capitalnotes; provided, however, that, upon the retirement of suchcapital notes in full and accruals thereon, any of such assetsthen remaining undisposed of, or any surplus proceeds of any suchsale, shall inure to the benefit of such bank or trust company.
(RSMo 1939 § 7909)Prior revision: 1929 § 5315