Missouri Laws 361.330 – Corporation not to make assignment — duty when in failing condition
1. It shall be unlawful in this state for any corporation subject to the provisions of this chapter to make a voluntary general assignment of its business and affairs.
2. In case it shall find itself to be in a failing condition, it shall immediately place itself in the hands of the director.
Terms Used In Missouri Laws 361.330
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- following: when used by way of reference to any section of the statutes, mean the section next preceding or next following that in which the reference is made, unless some other section is expressly designated in the reference. See Missouri Laws 1.020
- Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
- Property: includes real and personal property. See Missouri Laws 1.020
- State: when applied to any of the United States, includes the District of Columbia and the territories, and the words "United States" includes such district and territories. See Missouri Laws 1.020
3. Any deed of voluntary general assignment executed by any such corporation shall be null and void, and in case the officers or directors of any such institution shall endeavor to make any voluntary general assignment of its assets, the director shall immediately take possession thereof and proceed, as provided in section 361.340 and following.
4. All transfers of the notes, bonds, bills of exchange, or other evidence of debt owing to any corporation, or of deposits to its credit; all assignments of mortgages, securities on real estate or of judgments or decrees in its favor; all deposits of money, bullion or other valuable thing for its use, or for the use of any of its shareholders or creditors; and all payments of money to it, made after the commission of an act of insolvency, or in contemplation thereof, made with a view to prevent the application of its assets in the manner prescribed by this chapter, or with a view to the preference of one creditor to another, shall be utterly null and void.
5. No attachment, injunction or execution shall be issued against such corporation, or its property, before final judgment in any suit, action or proceeding in any state, county or municipal court.