Missouri § 362.345 - Penalties for receiving deposits when insolvent.
Full text of Missouri Revised Statutes of Missouri § 362.345 — Penalties for receiving deposits when insolvent., with citation guidance and answers to common questions.
§ 362.345. Penalties for receiving deposits when insolvent.
1. No president, director, manager, cashier, secretary or other officer or agent of any bank or trust company organized and doing business under the provisions of this chapter shall receive or assent to the reception of deposits, or create or assent to the creation of any debts of the bank or trust company, after he shall have knowledge of the fact that it is insolvent or in failing circumstances.
2. Every person violating the provisions of this section shall be individually responsible for the deposits so received, and all the debts so contracted; provided, any director who may have paid more than his share of the liabilities mentioned in this section may have his proper remedy at law against persons who have not paid their full share of the liabilities; and provided, further, that in case of the insolvency of one or more of these officers, agents or managers, the liabilities shall be paid, for the time being, by those who are solvent, in equal proportions.
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(RSMo 1939 § 7976, A.L. 1967 p. 445)
Prior revisions: 1929 § 5381; 1919 § 11763; 1909 § 1113
---- end of effective 28 Aug 1967 ----
Source: official Missouri text · Last verified 2026-08-27
Frequently Asked Questions About Missouri § 362.345
What does Revised Statutes of Missouri § 362.345 cover?
Section 362.345 ("Penalties for receiving deposits when insolvent.") 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 § 362.345?
A common citation format is "Revised Statutes of Missouri § 362.345" (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 § 362.345 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.