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Can you summarize MORS 362.345?
Banks and Trust Companies > Penalties for receiving deposits when insolvent.
Short Summary
This provision, found in the Revised Statutes of Missouri under the section governing Banks and Trust Companies, prohibits certain individuals from receiving deposits or creating debts for a bank or trust company after they have knowledge of its insolvency or failing circumstances. The provision applies to presidents, directors, managers, cashiers, secretaries, officers, and agents of banks and trust companies organized and doing business under the provisions of this chapter. Violators of this provision will be individually responsible for the deposits received and debts contracted. However, directors who have paid more than their share of the liabilities may seek legal remedy against those who have not paid their full share. In case of the insolvency of officers, agents, or managers, the liabilities will be paid by those who are solvent in equal proportions.
Whom does it apply to?
Presidents, directors, managers, cashiers, secretaries, officers, and agents of banks and trust companies organized and doing business under the provisions of this chapter
What does it govern?
Receiving deposits when insolvent
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Individual responsibility for deposits received and debts contracted; directors may seek legal remedy against those who have not paid their full share of liabilities; in case of insolvency of officers, agents, or managers, liabilities to be paid by those who are solvent in equal proportions
Jurisdiction
Missouri