Missouri § 361.380 - Surrender for liquidation.
Full text of Missouri Revised Statutes of Missouri § 361.380 — Surrender for liquidation., with citation guidance and answers to common questions.
§ 361.380. Surrender for liquidation.
1. Whenever the director shall surrender possession of such corporation under the provisions of section 361.370 for the purposes of liquidation, the corporation shall not receive deposits or engage in the general banking business.
2. The officers, as trustees of the corporation, in the corporate name, may prosecute and defend any action and legal proceeding, execute, acknowledge and deliver any deed, assignment, bill of sale, release, extension, satisfaction, and other instruments necessary and proper to effectuate any sale, lease, or transfer of real or personal property or execute any other instrument which the corporation was heretofore empowered to execute, for the proper liquidation of the corporation.
3. If at the end of one year after entering into the bond as required by section 361.370 all the liabilities of the corporation shall be discharged, the bond shall be terminated, and the remaining assets of the corporation shall be divided among the stockholders. Nothing in this section or section 361.360 shall be construed to release any person from any liability as provided by sections 362.345 to 362.355.
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(RSMo 1939 § 7916, A. 1949 H.B. 2084)
Prior revisions: 1929 § 5322; 1919 § 11705
---- end of effective 28 Aug 1949 ----
Frequently Asked Questions About Missouri § 361.380
What does Revised Statutes of Missouri § 361.380 cover?
Section 361.380 ("Surrender for 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 § 361.380?
A common citation format is "Revised Statutes of Missouri § 361.380" (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 § 361.380 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.