Missouri § 361.370 - Director may surrender possession for resumption or liquidation.
Full text of Missouri Revised Statutes of Missouri § 361.370 — Director may surrender possession for resumption or liquidation., with citation guidance and answers to common questions.
§ 361.370. Director may surrender possession for resumption or liquidation.
1. Upon such conditions as he may approve, the director may surrender possession of such corporation to its officers or any of them to permit the resumption of business or the liquidation of the corporation.
2. Before such corporation is surrendered for purposes of liquidation, the officer or officers of the corporation shall enter into a good and sufficient personal or surety bond in an amount equal to the total amount of the corporation's liability, capital stock liability excepted; the bond to be conditioned that all of the aforesaid liability be discharged within one year from the date of the making of the bond. The sufficiency of the bond shall be passed upon and approved by both the circuit judge of the county or city in which the corporation is located and the director, and be filed with the circuit clerk of said county or city. The bond shall be for the benefit of the depositors and other creditors. In the event of default, any depositor or other creditor may bring his action singly or collectively or if the claim be assigned the assignee may bring action in like manner.
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(RSMo 1939 § 7916, A. 1949 H.B. 2084)
Prior revisions: 1929 § 5322; 1919 § 11705
---- end of effective 28 Aug 1949 ----
Source: official Missouri text · Last verified 2026-08-27
Frequently Asked Questions About Missouri § 361.370
What does Revised Statutes of Missouri § 361.370 cover?
Section 361.370 ("Director may surrender possession for resumption or liquidation.") is part of the Revised Statutes of Missouri, the codified statutory law of Missouri. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Missouri § 361.370?
A common citation format is "Revised Statutes of Missouri § 361.370" (Missouri). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Missouri law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Missouri official source linked on this page or consult a licensed Missouri attorney.
How does Missouri § 361.370 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Missouri can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Missouri.