Can you summarize MORS 362.220?

Short Summary

Any director, officer or employee of a bank or trust company who makes any agreement, express or implied, before or at the time of issuing a certificate of deposit by which its holder may demand or receive payment thereof in advance of its maturity, or who before or at the time of receiving a savings deposit makes an agreement, express or implied, by which the holder of the savings passbook may demand or receive payment of the savings deposit in advance of the time provided for payment under the rules and regulations under which the savings deposit was received, shall forfeit and pay the sum of one hundred dollars for each violation of this provision, to be collected as provided for in this chapter. ——– (RSMo 1939 7955, A.L. 1945 p. 932, A. 1949 H.B. 2085, A.L. 1967 p. 445) Prior revisions: 1929 5360; 1919 11743

Jurisdiction

Missouri

Source

• Banking