Missouri § 165.241 - Deposits, how secured — renewal of deposit agreement.
Full text of Missouri Revised Statutes of Missouri § 165.241 — Deposits, how secured — renewal of deposit agreement., with citation guidance and answers to common questions.
§ 165.241. Deposits, how secured — renewal of deposit agreement.
After notice to any depositary of its selection, the depositary shall deliver or deposit securities in accordance with sections 110.010 and 110.020 and the securities if delivered to the fiscal officer of the seven-director school district may be deposited for safekeeping with any federal reserve bank located in this state or with any banking institution located in the county and approved by order of the school board entered of record on its minutes. If at the time for selecting depositaries it is unlawful for banking institutions to pay interest upon demand deposits the school board at its option either may select depositaries as provided by law or may enter into written agreement with any or all depositaries acting as such during the preceding period for renewal and continuation of the depositary relationship for the ensuing period with power and authority to renew and continue the same for successive periods thereafter, subject however to termination as provided by law. The rights and obligations of the parties and of any trustee joining in a renewal agreement shall be deemed continuous throughout the periods of the renewals. Each depositary at all times shall maintain the security in kind and amount required by sections 110.010 and 110.020 with right in the depositary when not in default to make substitutions thereof and to withdraw interest coupons therefrom as they mature.
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(L. 1963 p. 200 § 6-24, A.L. 2018 H.B. 1879 merged with S.B. 769)
(Source: RSMo 1959 § 165.430)
---- end of effective 28 Aug 2018 ----
Source: official Missouri text · Last verified 2026-08-27
Frequently Asked Questions About Missouri § 165.241
What does Revised Statutes of Missouri § 165.241 cover?
Section 165.241 ("Deposits, how secured — renewal of deposit agreement.") 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 § 165.241?
A common citation format is "Revised Statutes of Missouri § 165.241" (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 § 165.241 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.