Missouri Laws 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.
Terms Used In Missouri Laws 362.345
- Bank: means any corporation soliciting, receiving or accepting money, or its equivalent, on deposit as a business, whether the deposit is made subject to check, or is evidenced by a certificate of deposit, a passbook, a note, a receipt, or other writing, and specifically a commercial bank chartered under this chapter or a national bank located in this state. See Missouri Laws 362.010
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Missouri Laws 1.020