Effective 28 Aug 1939
362.515. Special deposits — nature — use. — 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.
--------
(RSMo 1939 § 8007)
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.