Missouri § 362.135 - Liquidation of assets — funds held in trust.
Full text of Missouri Revised Statutes of Missouri § 362.135 — Liquidation of assets — funds held in trust., with citation guidance and answers to common questions.
§ 362.135. Liquidation of assets — funds held in trust.
1. Upon the assets of any bank or trust company issuing capital notes being set apart for the use and benefit of the holders of such capital notes, as provided in section 362.125, such bank or trust company shall proceed to collect and liquidate such assets and shall have full authority to sell or enter into any compromise concerning the same.
2. All amounts received or collected by such bank or trust company from the sale, collection or adjustment of such assets and/or from such rights of participation provided for in section 362.125 shall be deposited and kept by it in a separate fund and account, and all such amounts shall be held in trust for the use and benefit of the holders of such capital notes.
3. Whenever such funds so held in trust are equal to ten percent of the aggregate amount of the notes then outstanding, such bank or trust company shall distribute and pay such funds to the holders of such capital notes ratably; provided, however, that it shall not be required to make such distribution more often than once in sixty days.
4. In the event the director of finance shall take possession of the business and property of any bank or trust company which has issued any such capital notes, such assets may, upon the request in writing to the director of finance by the holders of the majority in amount of such capital notes, be sold to the highest bidder for cash, and the proceeds thereof shall be paid into the fund above provided for retirement of capital notes; provided, however, that, upon the retirement of such capital notes in full and accruals thereon, any of such assets then remaining undisposed of, or any surplus proceeds of any such sale, shall inure to the benefit of such bank or trust company.
--------
(RSMo 1939 § 7909)
Prior revision: 1929 § 5315
---- end of effective 28 Aug 1939 ----
use this link to bookmark section 362.135
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 § 362.135
What does Revised Statutes of Missouri § 362.135 cover?
Section 362.135 ("Liquidation of assets — funds held in trust.") 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 § 362.135?
A common citation format is "Revised Statutes of Missouri § 362.135" (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 § 362.135 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.