Missouri § 100.287 - Default procedure — subrogation to rights of lender upon payment from fund, amount.
Full text of Missouri Revised Statutes of Missouri § 100.287 — Default procedure — subrogation to rights of lender upon payment from fund, amount., with citation guidance and answers to common questions.
§ 100.287. Default procedure — subrogation to rights of lender upon payment from fund, amount.
1. The development and reserve fund shall be used to prevent a default in payment of principal or interest or to defray losses which may be incurred in connection with bonds, notes or loans secured by the development and reserve fund in accordance with the terms and provisions of the resolution or trust indenture of the board authorizing such bonds, notes or loans.
2. Upon certification by a participating lender that a loan secured by the development and reserve fund is in default and noncollectible, and that the property which secured the loan has been liquidated and applied against the debt, and after a review by the board and its determination of the same, the board shall distribute, from funds available in the development and reserve fund, an amount not to exceed ninety percent of the balance remaining to be paid by the borrower to the participating lender. Upon payment to a participating lender to repay any loan, the board shall become subrogated to the extent of such payment to all rights which the participating lender had against the borrower.
3. A loan or issue of bonds or notes secured by the development and reserve fund shall in no case constitute or be construed as an obligation or an indebtedness of this state or of the board, and neither the state nor the board shall be liable to repay any such loan, bonds or notes upon any condition.
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(L. 1985 H.B. 416, A.L. 1986 S.B. 731)
---- end of effective 28 Aug 1986 ----
Source: official Missouri text · Last verified 2026-08-27
Frequently Asked Questions About Missouri § 100.287
What does Revised Statutes of Missouri § 100.287 cover?
Section 100.287 ("Default procedure — subrogation to rights of lender upon payment from fund, amount.") 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 § 100.287?
A common citation format is "Revised Statutes of Missouri § 100.287" (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 § 100.287 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.