Missouri Laws 379.565 – Suit in circuit court to determine value
Terms Used In Missouri Laws 379.565
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Continuance: Putting off of a hearing ot trial until a later time.
- Department: the department of commerce and insurance. See Missouri Laws 379.005
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
In such event, said company shall within six months after the time originally limited by law or its charter for the termination of its corporate existence file a petition in equity in the circuit court of the county where its principal office or place of business shall be located setting forth in its petition the facts regarding the proceedings taken by it toward such reorganization and extension and continuance of the corporate existence of such company, the condition of the company and a description of its assets at the time so as aforesaid limited for the termination of its corporate existence, and if a stock company the amount of its capital stock and the number of stockholders and the amount of the stock held by them, respectively, assenting to or ratifying and not assenting to or ratifying such reorganization and extension and continuance of the corporate existence of such company, or if a mutual company the number of policyholders respectively assenting to or ratifying and not assenting to or ratifying the same, or if a stock and mutual company the number of stockholders respectively assenting to or ratifying and not assenting to or ratifying the same and the amount of stock held by them respectively and the number of policyholders in the mutual department respectively assenting to or ratifying and not assenting to or ratifying the same, and praying the court to ascertain and by its judgment and decree to determine the persons who were such stockholders or policyholders of said company at the time originally limited by law or its charter for the termination of its corporate existence who have not assented to or ratified such reorganization and extension and continuance of the corporate existence of such company and the value of their respective equitable interests or proportions, if any, in the net assets which such company had at the time originally limited by law or its charter for the termination of its corporate existence, and authorizing and directing it to pay to such persons the value of their respective equitable interests or proportions in such net assets in full satisfaction of their respective claims and interests in such assets.