376.220. May use realty to secure notes and bonds.
149 words·~1 min read·
/mo/chapter-376/376-220A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
376.220. May use realty to secure notes and bonds. — Should any company depositing under section 376.170 become the owner of real estate for its own use and accommodations, or become temporarily seized and possessed of real estate in satisfaction of debt for which such real estate was pledged for security, such company may execute its own note for the value of such real estate, payable to the director, as trustee, and secure the said notes or bonds by duly recorded deeds of trust of said real estate; which notes or bonds thus secured may be deposited with said director as proper security, under and according to the provisions of sections 376.010 to 376.670 , said value to be subject to the approval of the director of the department of commerce and insurance.
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(RSMo 1939 § 5820)
Prior revisions: 1929 § 5709; 1919 § 6120; 1909 § 6914