1. All unclaimed funds subject to distribution remaining in the liquidator’s hands when he is ready to apply to the court for discharge, including the amount distributable to any creditor, shareholder, member or other person who is unknown or cannot be found, shall be deposited with the director of the department of economic development to be held and disposed of as provided by laws for unclaimed property.

2. All funds withheld under section 375.1212 which are not distributed shall upon discharge of the liquidator be deposited with the director of the department of economic development as provided by laws for unclaimed property and distributed by him in accordance with section 375.1218. Any sums remaining which under section 375.1218 would revert to the undistributed assets of the insurer shall be converted to cash and paid to the state treasurer for deposit to the general revenue fund of the state.

Terms Used In Missouri Laws 375.1224

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Department: the department of commerce and insurance. See Missouri Laws 375.001
  • Director: the director of the department of commerce and insurance. See Missouri Laws 375.001
  • Insurer: all insurance companies, reciprocals, or interinsurance exchanges transacting the business of insurance in this state. See Missouri Laws 375.001
  • person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Missouri Laws 1.020
  • 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. This section shall be applicable to proceedings instituted before and after August 28, 1991.

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