Missouri § 375.360 - Note not considered payment — not to loan when insolvent.
Full text of Missouri Revised Statutes of Missouri § 375.360 — Note not considered payment — not to loan when insolvent., with citation guidance and answers to common questions.
§ 375.360. Note not considered payment — not to loan when insolvent.
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.
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(RSMo 1939 § 6035)
Prior revisions: 1929 § 5924; 1919 § 6332; 1909 § 7063
---- end of effective 28 Aug 1939 ----
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Effective dates prior to 1940 may not be the actual effective date. See FAQ 'When do laws become effective?'
Source: official Missouri text · Last verified 2026-08-27
Frequently Asked Questions About Missouri § 375.360
What does Revised Statutes of Missouri § 375.360 cover?
Section 375.360 ("Note not considered payment — not to loan when insolvent.") 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 § 375.360?
A common citation format is "Revised Statutes of Missouri § 375.360" (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 § 375.360 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.