Missouri Laws 362.515 – Special deposits — nature — use
Terms Used In Missouri Laws 362.515
- 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
- following: when used by way of reference to any section of the statutes, mean the section next preceding or next following that in which the reference is made, unless some other section is expressly designated in the reference. See Missouri Laws 1.020
- State: when applied to any of the United States, includes the District of Columbia and the territories, and the words "United States" includes such district and territories. See Missouri Laws 1.020
- United States: includes such district and territories. See Missouri Laws 1.020
During the period of sixty days next following the taking charge of any such bank or trust company as authorized by law, deposits may be received from the customers of said bank, or trust company and others as special deposits, or trust funds, and paid out on the check of such depositors drawn against their respective balances; but no part of the funds deposited during said period of sixty days shall be an asset of any such bank, or trust company doing a banking business, within the meaning of the banking laws of this state; nor shall any part of such funds so deposited be loaned by any such bank or trust company except upon United States government bonds, or other securities of the government of the United States, or upon the bonds of the state of Missouri, as collateral, allowing a safe margin to meet fluctuations in the market price of such bonds and securities.