2011 Missouri Revised Statutes
TITLE XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 375 Provisions Applicable to All Insurance Companies
Section 375.360. Note not considered payment--not to loan when insolvent.
Note not considered payment--not to loan when insolvent.
375.360. No note or obligation given by any stockholder, whether secured by deed of trust, mortgage or otherwise, shall be considered as payment of any part of the capital stock; and no loan of any money shall be made by any such company to any director, trustee, officer or agent thereof when such company is insolvent, and the failure to collect such loans before the company shall have been adjudged insolvent shall be prima facie evidence of its insolvency at the time such loan was made; and if any such loan shall be made, the persons making it, or who shall assent thereto, shall be jointly and severally liable to the company for the amount of such loan and the interest; provided, however, that this shall not apply to premium notes given by directors, trustees, officers or agents who are also policyholders in such company, when given in the usual course of business of such company in issuing policies.
(RSMo 1939 6035)Prior revisions: 1929 5924; 1919 6332; 1909 7063
Annotation Copyright Missouri Joint Committee on Legislative Research
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