Missouri Laws 361.200 – Unclaimed deposits, dividends and interest — deposit by director in trust — ..
1. The director may take and hold as trustee for the owners thereof any sums which remain due to and unclaimed by any creditor, depositor, stockholder or shareholder of any corporation, to which this chapter is applicable, after the completion of the voluntary or involuntary liquidation of the business and affairs of such corporation.
2. Whenever such sums are received by the director and he is not in possession of the business and affairs of such corporation, he shall give his receipt for such moneys and shall forthwith deposit them in one or more solvent state banks, trust companies or savings banks, to the credit of the director in trust for the persons entitled thereto.
Terms Used In Missouri Laws 361.200
- 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.
- 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
- Trustee: A person or institution holding and administering property in trust.
3. At the completion of a liquidation by the director or any receiver, he shall in like manner deposit such moneys at the expiration of six months after the order for final distribution.
4. All such deposits by the director shall be entitled to priority of payment in case of the insolvency or voluntary or involuntary liquidation of the depositary on an equality with any other priority given by this chapter.