Missouri § 361.550 - Effect of accepting claims — statute of limitations for action upon claims not accepted — necessary allegations.
Full text of Missouri Revised Statutes of Missouri § 361.550 — Effect of accepting claims — statute of limitations for action upon claims not accepted — necessary allegations., with citation guidance and answers to common questions.
§ 361.550. Effect of accepting claims — statute of limitations for action upon claims not accepted — necessary allegations.
1. When the director has approved a duly filed claim and has filed the same endorsed "approved" in his office, the claimant, unless such claim is entitled by law to priority of payment, shall be entitled to share ratably with other general creditors in the distribution of the assets of such corporation as such assets are distributed pursuant to section 361.570.
2. When the time within which the director is required to approve or reject claims has expired and at any time within six months thereafter, a claimant whose claim has been duly filed and has not been approved by the director may institute and maintain an action thereon against such corporation. No action shall be maintained against such corporation while the director is in possession of its affairs and business unless brought within the period of limitation specified in this section.
3. In all actions or proceedings instituted against such corporation while the director is in possession of its property and business, the plaintiff shall be required to allege and prove that the claim upon which the action is instituted was duly filed and that sixty days have elapsed since the expiration of time for filing said claims and that said claim has not been approved.
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(RSMo 1939 § 7932)
Prior revisions: 1929 § 5337; 1919 § 11720
---- 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 § 361.550
What does Revised Statutes of Missouri § 361.550 cover?
Section 361.550 ("Effect of accepting claims — statute of limitations for action upon claims not accepted — necessary allegations.") 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 § 361.550?
A common citation format is "Revised Statutes of Missouri § 361.550" (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 § 361.550 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.