reglab/statecodes huggingface dataset:
2023 Missouri Revised Statutes › Title XXVII - Debtor-Creditor Relations › Chapter 426 - Assignment for Benefit of Creditors › Section 426.280 - Insolvency or removal from state of surety, proceedings.

Title XXVII DEBTOR-CREDITOR RELATIONS
Chapter 426
Effective - 28 Aug 1939
426.280. Insolvency or removal from state of surety, proceedings. —
The like proceedings as are prescribed in sections 426.260 and 426.270 may be had whenever it shall appear to the court that any person who shall have become security for any assignee, in any bond given for the due execution of his trust, has or is likely to become insolvent, or has removed, or is about to remove from the state.
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(RSMo 1939 § 5766)
Prior revisions: 1929 § 5656; 1919 § 652; 1909 § 925
2023 Missouri Revised Statutes › Title XXVII - Debtor-Creditor Relations › Chapter 426 - Assignment for Benefit of Creditors › Section 426.290 - Assignee, vacancy — appointment.

Title XXVII DEBTOR-CREDITOR RELATIONS
Chapter 426
Effective - 28 Aug 1939
426.290. Assignee, vacancy — appointment. —
The court having jurisdiction, or the judge thereof in vacation, shall have power to appoint an assignee in all cases where a vacancy occurs in the trust, and like bond and security shall be required and given by the assignee so appointed as are required and given by an assignee appointed by an assignor.
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(RSMo 1939 § 5767)
Prior revisions: 1929 § 5657; 1919 § 653; 1909 § 926
2023 Missouri Revised Statutes › Title XXVII - Debtor-Creditor Relations › Chapter 426 - Assignment for Benefit of Creditors › Section 426.300 - Dismissal of assignee — books to be delivered to successor.

Title XXVII DEBTOR-CREDITOR RELATIONS
Chapter 426
Effective - 28 Aug 1939
426.300. Dismissal of assignee — books to be delivered to successor. —
When any assignee shall be dismissed from his trust, the court shall order all the books, papers, effects, moneys and evidences of debt to be forthwith delivered to his successor in the trust, or to such other persons as the court shall appoint to receive the same for the time being.
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(RSMo 1939 § 5768)
Prior revisions: 1929 § 5658; 1919 § 654; 1909 § 927
2023 Missouri Revised Statutes › Title XXVII - Debtor-Creditor Relations › Chapter 426 - Assignment for Benefit of Creditors › Section 426.310 - Sale of property assigned, how made.

Title XXVII DEBTOR-CREDITOR RELATIONS
Chapter 426
Effective - 02 Jan 1979, see footnote
426.310. Sale of property assigned, how made. —
The circuit court shall make an order for the sale of all the real and personal estate conveyed by any deed of assignment, either for cash in hand, or upon such reasonable credit and upon such other terms and notice as shall appear to the court to be most advantageous to all the parties in interest, and shall, by order, direct the nature of the security to be taken at sales made by assignees under this chapter. Before any sale of such real estate shall be made, the assignee shall give bond, with at least two good securities, to be approved by the court in an amount equal to the value of the real estate to be sold, conditioned that the said assignee will faithfully make the same under such order, and duly account for the proceeds thereof under the provisions of this chapter.
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(RSMo 1939 § 5769, A.L. 1978 H.B. 1634)
Prior revisions: 1929 § 5659; 1919 § 655; 1909 § 928
Effective 1-02-79
2023 Missouri Revised Statutes › Title XXVII - Debtor-Creditor Relations › Chapter 426 - Assignment for Benefit of Creditors › Section 426.320 - Payments to creditors, when and in what amounts — penalty for failure.

Title XXVII DEBTOR-CREDITOR RELATIONS
Chapter 426
Effective - 28 Aug 1939
426.320. Payments to creditors, when and in what amounts — penalty for failure. —
As soon as practicable, and not exceeding one month after the time for an allowance of demands had under this chapter, the assignee or assignees shall pay upon the demands allowed, according to their right, as much as the means on hand will permit, after reserving enough for proper fees, costs, expenses and demands, whose trial is legally continued or removed; and as often thereafter as a dividend of five percent can be paid upon the demands allowed as aforesaid, the assignee or assignees shall give notice thereof by publication, for one week, in the same newspaper in which was published the notice for allowance of demands, or in such other newspaper as the court, or judge thereof in vacation, may direct; and if such assignee or assignees shall neglect or refuse to make payment out of such trust fund, as in this section required, for more than three days after the same have become due and have been demanded by the person entitled thereto, his agent or attorney, or if he or they shall in any wise neglect or refuse to comply with the provisions of this section, he or they shall, for every such neglect or refusal, forfeit and pay to the person aggrieved five percent per month interest on such sum as such person was entitled to at the time of such demand, to be recovered by motion in the court having jurisdiction of said assignment; and any judgment rendered by said court, on the hearing of such motion, shall be against said assignee or assignees and his or their securities on their trust, provided for in this chapter; and such assignee or assignees shall, in addition to such forfeiture, be subject to be dismissed from his or their trust by said court, for such neglect and refusal, on motion and citation for that purpose.
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(RSMo 1939 § 5770)
Prior revisions: 1929 § 5660; 1919 § 656; 1909 § 929
2023 Missouri Revised Statutes › Title XXVII - Debtor-Creditor Relations › Chapter 426 - Assignment for Benefit of Creditors › Section 426.330 - Assignee shall exhibit condition of assets, when.

Title XXVII DEBTOR-CREDITOR RELATIONS
Chapter 426
Effective - 28 Aug 1939
426.330. Assignee shall exhibit condition of assets, when. —
Every assignee, upon the reasonable request of any person entitled to any demand allowed, or of his agent, shall exhibit to such person or agent the condition of the assets of the assignment, and give him all reasonable information concerning the same.
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(RSMo 1939 § 5771)
Prior revisions: 1929 § 5661; 1919 § 657; 1909 § 930
2023 Missouri Revised Statutes › Title XXVII - Debtor-Creditor Relations › Chapter 426 - Assignment for Benefit of Creditors › Section 426.340 - Failure to exhibit condition of assets — citation of assignee.

Title XXVII DEBTOR-CREDITOR RELATIONS
Chapter 426
Effective - 28 Aug 1939
426.340. Failure to exhibit condition of assets — citation of assignee. —
Upon petition in behalf of any such person to the circuit court in whose clerk's office the inventory is filed, showing good cause therefor, verified by affidavit, such court shall cause any assignee to be cited to appear before it at such time as may be designated, to answer the allegations in such petition, and to do and abide such order as shall be made by such court in the premises; and upon the hearing, such court shall make such order as to it shall seem fit and lawful in the premises for enforcing the provisions of this chapter.
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(RSMo 1939 § 5772)
Prior revisions: 1929 § 5662; 1919 § 658; 1909 § 931
2023 Missouri Revised Statutes › Title XXVII - Debtor-Creditor Relations › Chapter 426 - Assignment for Benefit of Creditors › Section 426.350 - Assignee may apply for discharge, when and how.

Title XXVII DEBTOR-CREDITOR RELATIONS
Chapter 426
Effective - 28 Aug 1939
426.350. Assignee may apply for discharge, when and how. —
When any assignee becomes satisfied that it is no longer advantageous to the creditors of his assignor to keep the assignment open, he may apply to the circuit court in whose clerk's office the inventory is filed for a discharge from his trust, upon a notice of his intention to make such application, stating the time thereof, which notice shall be published in the newspaper aforesaid, for at least six weeks next before such time, at which time he may file his petition in said court for such discharge; which petition, verified by his affidavit, shall set forth the disposition made of the assets of the assignment to him; what portion of them remains on hand, and their condition; the amount realized from the assets; the particular disposition of such amount; the demands allowed, particularly, with their respective amounts and owners' names, and the sums paid on each, with an offer to deliver into the charge of the court what remains of the assets and the evidence thereof, and accompanied with all vouchers therewith connected.
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(RSMo 1939 § 5773)
Prior revisions: 1929 § 5663; 1919 § 659; 1909 § 932
2023 Missouri Revised Statutes › Title XXVII - Debtor-Creditor Relations › Chapter 426 - Assignment for Benefit of Creditors › Section 426.360 - Application referred to commissioner, when — proceedings.

Title XXVII DEBTOR-CREDITOR RELATIONS
Chapter 426
Effective - 28 Aug 1939
426.360. Application referred to commissioner, when — proceedings. —
If no person interested shall, within one week after the filing of such petition, file written objections to such discharge, accompanied by specified reasons, the court shall refer the application to the commissioners of the court, or one appointed for the case, to examine the merits of the application, and report to the court with all convenient speed thereon; and upon the filing of such report, the court shall make such further order in the premises as it shall adjudge right, and may discharge such assignee from all further duty or obligations under the assignment; and, thereupon, shall order such assignee to deliver into the charge and custody of such court such portion of the assets and the evidences thereof as remain in his hands, where they shall be kept with all other papers, connected with such assignment, in such courts and its clerk's office, subject to its future control and disposition.
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(RSMo 1939 § 5774)
Prior revisions: 1929 § 5664; 1919 § 660; 1909 § 933
2023 Missouri Revised Statutes › Title XXVII - Debtor-Creditor Relations › Chapter 426 - Assignment for Benefit of Creditors › Section 426.370 - If objections made, court to determine same, when and how.

Title XXVII DEBTOR-CREDITOR RELATIONS
Chapter 426
Effective - 28 Aug 1939
426.370. If objections made, court to determine same, when and how. —
If objections be made as aforesaid, to such application, the court shall cause the same to be considered, and shall determine the same, as provided for by rules of the court or special orders made therein.
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(RSMo 1939 § 5775)
Prior revisions: 1929 § 5665; 1919 § 661; 1909 § 934
2023 Missouri Revised Statutes › Title XXVII - Debtor-Creditor Relations › Chapter 426 - Assignment for Benefit of Creditors › Section 426.380 - Appeals, how taken.

Title XXVII DEBTOR-CREDITOR RELATIONS
Chapter 426
Effective - 28 Aug 1949
426.380. Appeals, how taken. —
In any proceeding under this chapter, appeals may be taken from the judgment of the court in the same manner as appeals are now allowed by law from judgments of circuit courts in this state.
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(RSMo 1939 § 5776, A. 1949 S.B. 1118)
Prior revisions: 1929 § 5666; 1919 § 662; 1909 § 935
2023 Missouri Revised Statutes › Title XXVII - Debtor-Creditor Relations › Chapter 426 - Assignment for Benefit of Creditors › Section 426.390 - Proceedings when temporary assignee fails to act, how conducted.

Title XXVII DEBTOR-CREDITOR RELATIONS
Chapter 426
Effective - 28 Aug 1939
426.390. Proceedings when temporary assignee fails to act, how conducted. —
When, in any case of assignment now or hereafter pending, the temporary assignee appointed according to section 426.250, has failed or shall fail to act, or to make the report upon claims allowed by him as in said section mentioned, then it shall be the duty of the circuit court, at any session during the pendency of the matter of such assignment, to hear such evidence touching the action of such temporary assignee in the premises, or touching the validity of the claims of the general assignee, as he may offer; and if it appear that said claims had been, in fact, regularly allowed, or that they are just, the court shall allow the same, and order them to be paid as other claims.
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(RSMo 1939 § 5777)
Prior revisions: 1929 § 5667; 1919 § 663; 1909 § 936
2023 Missouri Revised Statutes › Title XXVII - Debtor-Creditor Relations › Chapter 426 - Assignment for Benefit of Creditors › Section 426.400 - Court may order assignee to compromise debts, when and how.

Title XXVII DEBTOR-CREDITOR RELATIONS
Chapter 426
Effective - 28 Aug 1939
426.400. Court may order assignee to compromise debts, when and how. —
1. Whenever it may appear for the best interest of the estate assigned, the court, or judge thereof in vacation, may make an order directing the assignee to sell, compound or compromise all bad or doubtful debts upon such terms and conditions as appear proper and most beneficial to the estate; and in like manner the court, or judge thereof in vacation, may make an order directing the assignee to release and discharge any vested, contingent or possible right or interest in or to any estate or effects assigned, upon such terms and conditions as the court, or judge thereof in vacation, may deem proper and just for the best interest of the estate.
2. The assignee shall report his proceedings under this section to the court at its first term, and within the first three days thereof after such proceedings, for approval or rejection, and for such further and other orders as may be deemed proper; provided, any creditor may appear and file his objections to such report within three days after the filing of the report, if the term shall so long continue, if not, within such time as the court may direct, and such objections shall be heard and determined without delay, and nothing in this section authorized to be done by the assignee shall be final until the approval of the court as herein provided; and provided further, that the assignee, before procuring said order, shall give such notice of his application therefor as the court or judge thereof in vacation may direct.
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(RSMo 1939 § 5778)
Prior revisions: 1929 § 5668; 1919 § 664; 1909 § 937
2023 Missouri Revised Statutes › Title XXVII - Debtor-Creditor Relations › Chapter 426 - Assignment for Benefit of Creditors › Section 426.410 - Defining the power and authority of assignees.

Title XXVII DEBTOR-CREDITOR RELATIONS
Chapter 426
Effective - 28 Aug 1939
426.410. Defining the power and authority of assignees. —
Every assignee under the general assignment law of this state is hereby declared to be a trustee for the benefit of the creditors of his assignor. Any such assignee shall have the power and authority to prosecute such actions for property and make such defense to claims against the assigned property as a trustee in a deed of trust, or an attachment or execution creditor with a writ levied on such property could prosecute or make.
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(RSMo 1939 § 5779)
Prior revisions: 1929 § 5669; 1919 § 665; 1909 § 938
2023 Missouri Revised Statutes › Title XXVII - Debtor-Creditor Relations › Chapter 427 - Creditor Protection › Section 427.011 - Purpose of law — limitation of liability.

Title XXVII DEBTOR-CREDITOR RELATIONS
Chapter 427
• Effective - 28 Aug 1991
427.011. Purpose of law — limitation of liability. —
Notwithstanding any other law to the contrary, sections 427.011 to 427.041 provide the state of Missouri with a comprehensive body of law limiting the lender's or a representative's liability for violations of any state or local laws and ordinances relating to state environmental requirements by persons or entities with or for whom the lender extended or enhanced credit, or to whom a representative has a fiduciary duty. No law of this state enacted after August 28, 1991, including any rules or regulations enacted pursuant to the power contained in said law, shall act retrospectively to impose environmental liability on representatives holding property or acting in a fiduciary capacity or lenders extending or enhancing credit secured by collateral, foreclosing, or otherwise enforcing the creditor's interest in such property, or holding such foreclosed property, provided the lenders or representatives meet the conditions of sections 427.011 to 427.041.
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(L. 1991 S.B. 204)
2023 Missouri Revised Statutes › Title XXVII - Debtor-Creditor Relations › Chapter 427 - Creditor Protection › Section 427.031 - Certain persons deemed not owner of property — liability arising from contamination or pollution.

Title XXVII DEBTOR-CREDITOR RELATIONS
Chapter 427
• Effective - 28 Aug 1991
427.031. Certain persons deemed not owner of property — liability arising from contamination or pollution. —
1. No person or entity shall be deemed to be an owner or operator of real or personal property, or a person having control over hazardous substances who, without participating in the management of such real or personal property, holds indicia of ownership primarily to protect a security or lienhold interest in the subject real or personal property or in the property in which such real or personal property is located.
2. No lender-owner or representative shall, by virtue of becoming the owner of real or personal property, be liable for any clean-up costs, response costs or third-party liability arising from contamination or pollution of or from said property prior to the date that title vests in the lender-owner or representative including contamination or pollution which continues thereafter without the lender-owner knowingly or recklessly causing such contamination.
3. No lender-owner or representative shall, by virtue of becoming the owner of real or personal property, be liable for any clean-up costs, response cost, or third-party liability arising from contamination or pollution of or from such property during the period of ownership so long as, and to the extent that, he does not knowingly or recklessly cause new contamination or pollution or does not knowingly or recklessly allow others to cause new contamination or pollution. This subsection shall apply to the lender-owner as long as he makes reasonable efforts to resell the real or personal property. No representative shall be personally liable to any beneficiary for diminution in the value of property held in its fiduciary capacity due to compliance with environmental laws.
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(L. 1991 S.B. 204)
2023 Missouri Revised Statutes › Title XXVII - Debtor-Creditor Relations › Chapter 427 - Creditor Protection › Section 427.041 - Preemption of field.

Title XXVII DEBTOR-CREDITOR RELATIONS
Chapter 427
• Effective - 28 Aug 1997
427.041. Preemption of field. —
In sections 427.011 to 427.041, the general assembly hereby occupies and preempts the entire field of legislation imposing liability on lenders-owners for precedent environmental conditions which result in contamination or pollution, including by way of example and not of limitation, lender liability for hazardous substances, toxic wastes, clean air, clean water, solid waste disposal, and underground storage tanks, to the complete exclusion of an order, ordinance or regulation by any political subdivision of this state and by the federal government to the extent permitted by the law except those state statutes pertaining to the underground storage tank insurance fund.
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(L. 1991 S.B. 204, A.L. 1997 H.B. 257)
2023 Missouri Revised Statutes › Title XXVII - Debtor-Creditor Relations › Chapter 427 - Creditor Protection › Section 427.100 - Bankruptcy of political subdivision, consent to institute action.

Title XXVII DEBTOR-CREDITOR RELATIONS
Chapter 427
Effective - 11 Apr 1995, see footnote
427.100. Bankruptcy of political subdivision, consent to institute action. —
The consent of the state is hereby granted to, and all appropriate powers are hereby conferred upon, any municipality or political subdivision organized under the laws of the state to institute any appropriate action authorized by any act of the Congress of the United States relating to bankruptcy on the part of any municipality or political subdivision.
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(L. 1995 S.B. 414)
Effective 4-11-95
2023 Missouri Revised Statutes › Title XXVII - Debtor-Creditor Relations › Chapter 427 - Creditor Protection › Section 427.110 - Collateral protection act — audit for compliance.

Title XXVII DEBTOR-CREDITOR RELATIONS
Chapter 427
• Effective - 28 Aug 1997
427.110. Collateral protection act — audit for compliance. —
Sections 427.110 to 427.190 may be cited as the "Collateral Protection Act". As a part of their regular audit, state regulators may audit creditors that elect coverage under sections 427.110 to 427.190; when the creditor is primarily regulated by the state, the state agency currently authorized to examine such creditor shall be the exclusive agency permitted to audit such creditor for compliance. When the creditor is chartered by the federal government or any agency thereunder, or is unregulated, the Missouri attorney general may audit such creditor for compliance and shall be the exclusive agency to monitor compliance, except it may delegate such audit power to the division of finance.
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(L. 1997 H.B. 257)
2023 Missouri Revised Statutes › Title XXVII - Debtor-Creditor Relations › Chapter 427 - Creditor Protection › Section 427.120 - Collateral protection coverage, requirements.

Title XXVII DEBTOR-CREDITOR RELATIONS
Chapter 427
• Effective - 28 Aug 1997
427.120. Collateral protection coverage, requirements. —
For protection under sections 427.110 to 427.190, a creditor may place collateral protection coverage provided the following conditions are met:
(1) The debtor has entered into a credit transaction with the creditor;
(2) The credit transaction has been reduced to a credit agreement, and the credit agreement requires the debtor to maintain insurance on the collateral; and
(3) A notice substantially similar to the following has been included in the credit agreement or on a separate document provided to the debtor at the time the credit agreement is entered:
"Unless you provide evidence of the insurance coverage required by your agreement with us, we may purchase insurance at your expense to protect our interests in your collateral. This insurance may, but need not, protect your interests. The coverage that we purchase may not pay any claim that you make or any claim that is made against you in connection with the collateral. You may later cancel any insurance purchased by us, but only after providing evidence that you have obtained insurance as required by our agreement. If we purchase insurance for the collateral, you will be responsible for the costs of that insurance, including the insurance premium, interest and any other charges we may impose in connection with the placement of the insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to your total outstanding balance or obligation. The costs of the insurance may be more than the cost of insurance you may be able to obtain on your own."
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(L. 1997 H.B. 257)
2023 Missouri Revised Statutes › Title XXVII - Debtor-Creditor Relations › Chapter 427 - Creditor Protection › Section 427.130 - Coupon book revision required, when, how.

Title XXVII DEBTOR-CREDITOR RELATIONS
Chapter 427
• Effective - 28 Aug 1997
427.130. Coupon book revision required, when, how. —
If any form of amortization is used by the creditor and a coupon book was sent to the debtor at the inception of the credit transaction, the creditor shall send to the debtor one of the following:
(1) A reprinted coupon book with revised calculations of the debtor's payments that includes the amortized costs of the collateral protection coverage;
(2) A supplemental coupon book with calculations of the debtor's additional payments based upon the amortized costs of the collateral protection coverage, for use by the debtor in addition to the original coupon book; or
(3) A letter with both the amortized cost of the collateral protection insurance and a calculation of the debtor's new payments including the amortized cost of the insurance. Such letter shall state in bold letters that the new payment obligation replaces the payment amount indicated in the coupon book.
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(L. 1997 H.B. 257)
2023 Missouri Revised Statutes › Title XXVII - Debtor-Creditor Relations › Chapter 427 - Creditor Protection › Section 427.135 - Collateral protection coverage cancelled, when.

Title XXVII DEBTOR-CREDITOR RELATIONS
Chapter 427
• Effective - 28 Aug 1997
427.135. Collateral protection coverage cancelled, when. —
1. Any collateral protection coverage purchased unilaterally by the creditor subsequent to the date of the credit agreement shall be cancelled whenever and for so long as:
(1) The debtor has in place substitute insurance of at least the level of coverage required by the credit agreement to protect the collateral; and
(2) The debtor is able to provide the creditor with proper evidence of such coverage.
2. If, within thirty days after notice is sent pursuant to subsection 1 or 2 of section 427.125, a debtor provides the creditor with proper evidence that the debtor had insurance on the collateral as required by the credit agreement on the date the collateral protection became effective and that the debtor continues to have insurance on the collateral as required by the credit agreement, the creditor shall cancel the coverage that it purchased and may not charge the debtor any costs, including insurance premiums, interest, or other charges in connection with the coverage.
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(L. 1997 H.B. 257)
2023 Missouri Revised Statutes › Title XXVII - Debtor-Creditor Relations › Chapter 427 - Creditor Protection › Section 427.140 - Unearned premiums to be refunded.

Title XXVII DEBTOR-CREDITOR RELATIONS
Chapter 427
• Effective - 28 Aug 1997
427.140. Unearned premiums to be refunded. —
Upon cancellation or expiration of collateral protection coverage, the amount of unearned premiums, if any, as calculated in accordance with the policy approved by the department of commerce and insurance as permitted by law, shall be refunded to the debtor. The amount of unearned premiums, however, may not be calculated by the rule of 78 or sum of the digits method. A refund of unearned premiums may be credited to the debtor's obligation under the credit agreement or distributed directly to the debtor by check or other means.
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(L. 1997 H.B. 257)
2023 Missouri Revised Statutes › Title XXVII - Debtor-Creditor Relations › Chapter 427 - Creditor Protection › Section 427.145 - Placement of coverage.

Title XXVII DEBTOR-CREDITOR RELATIONS
Chapter 427
• Effective - 28 Aug 1997
427.145. Placement of coverage. —
Collateral protection coverage may be placed with any insurance carrier selected by the creditor that is licensed to underwrite the insurance by the department of commerce and insurance. The insurance shall be evidenced by an individual policy or a certificate of insurance.
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(L. 1997 H.B. 257)
2023 Missouri Revised Statutes › Title XXVII - Debtor-Creditor Relations › Chapter 427 - Creditor Protection › Section 427.150 - Liability limitation, notice.

Title XXVII DEBTOR-CREDITOR RELATIONS
Chapter 427
• Effective - 28 Aug 1997
427.150. Liability limitation, notice. —
A creditor that places collateral protection coverage in substantial compliance with the terms of sections 427.110 to 427.190 shall not be directly or indirectly liable in any manner to a debtor, cosigner, guarantor, or any other person in connection with the placement of the collateral protection coverage. Notices and coupon books required to be mailed to a debtor under sections 427.110 to 427.190 are not required to be mailed to any person other than to the debtor, and shall be mailed first class, postage prepaid, to the debtor's last known address on file with the creditor.
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(L. 1997 H.B. 257)
2023 Missouri Revised Statutes › Title XXVII - Debtor-Creditor Relations › Chapter 427 - Creditor Protection › Section 427.155 - No fiduciary relationship intended.

Title XXVII DEBTOR-CREDITOR RELATIONS
Chapter 427
• Effective - 28 Aug 1997
427.155. No fiduciary relationship intended. —
Sections 427.110 to 427.190 do not impose a fiduciary relationship between the creditor and the debtor. Placement of collateral protection coverage is for the sole purpose of protecting the interest of the creditor when the debtor fails to insure collateral as required by the credit agreement.
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(L. 1997 H.B. 257)
2023 Missouri Revised Statutes › Title XXVII - Debtor-Creditor Relations › Chapter 427 - Creditor Protection › Section 427.160 - Insurance not required.

Title XXVII DEBTOR-CREDITOR RELATIONS
Chapter 427
• Effective - 28 Aug 1997
427.160. Insurance not required. —
A creditor is not required to purchase collateral protection coverage or to otherwise insure collateral. A creditor shall not be liable to a debtor or to any other person for failure to purchase collateral protection coverage, as a result of the amount or level of coverage of collateral protection coverage purchased by the creditor, or because the creditor purchased collateral protection coverage that protects only the interests of the creditor or less than all of the interests of the debtor. Sections 427.110 to 427.190 shall not create a cause of action for damages on behalf of the debtor or any other person in connection with the placement of collateral protection coverage, and violations of these sections shall not be deemed to violate the standard of care under any common law cause of action.
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(L. 1997 H.B. 257)
2023 Missouri Revised Statutes › Title XXVII - Debtor-Creditor Relations › Chapter 427 - Creditor Protection › Section 427.165 - Uniform commercial code not affected by act.

Title XXVII DEBTOR-CREDITOR RELATIONS
Chapter 427
• Effective - 28 Aug 1997
427.165. Uniform commercial code not affected by act. —
The obligations and rights of the creditor and the debtor with respect to the collateral as provided by the uniform commercial code are not affected by sections 427.110 to 427.190.
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(L. 1997 H.B. 257)
2023 Missouri Revised Statutes › Title XXVII - Debtor-Creditor Relations › Chapter 427 - Creditor Protection › Section 427.170 - Severability — nonimpairment.

Title XXVII DEBTOR-CREDITOR RELATIONS
Chapter 427
• Effective - 28 Aug 1997
427.170. Severability — nonimpairment. —
The provisions of sections 427.110 to 427.190 are severable under section 1.140 and shall not impair any other remedies, rights, or options available to a creditor pursuant to any law, regulation, ruling, court order, contract, or agreement.
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(L. 1997 H.B. 257)
2023 Missouri Revised Statutes › Title XXVII - Debtor-Creditor Relations › Chapter 427 - Creditor Protection › Section 427.180 - Insurer may claim protection of act.

Title XXVII DEBTOR-CREDITOR RELATIONS
Chapter 427
• Effective - 28 Aug 1997
427.180. Insurer may claim protection of act. —
Any insurer, as defined in subdivision (5) of section 375.012, that underwrites collateral protection coverage for various creditors, may claim the protection of sections 427.110 to 427.190.
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(L. 1997 H.B. 257)
2023 Missouri Revised Statutes › Title XXVII - Debtor-Creditor Relations › Chapter 427 - Creditor Protection › Section 427.190 - Statute of limitations.

Title XXVII DEBTOR-CREDITOR RELATIONS
Chapter 427
• Effective - 28 Aug 1997
427.190. Statute of limitations. —
An action to enforce an obligation, duty, or right to determine liability for collateral protection coverage shall be commenced within five years after the cause of action accrues. The cause of action shall accrue when such collateral protection coverage is purchased.
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(L. 1997 H.B. 257)
2023 Missouri Revised Statutes › Title XXVII - Debtor-Creditor Relations › Chapter 427 - Creditor Protection › Section 427.200 - Lease of personal property allowed — writing required.

Title XXVII DEBTOR-CREDITOR RELATIONS
Chapter 427
Effective - 28 Aug 1999
427.200. Lease of personal property allowed — writing required. —
Any person may hold personal property for lease, except as otherwise provided by law. A lease shall be in writing and may be either the functional equivalent of a loan or a true lease where the lessee pays compensation for the use of the leased property which is returned to the lessor at the end of the lease. A motor vehicle lease may include the outstanding balance of a prior loan or lease of a motor vehicle used as a trade-in, as well as other items that are capitalized or amortized during the lease term. Lease payments shall be considered in the nature of rent rather than interest, and the provisions of chapter 408 relating to interest, shall not apply.
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(L. 1999 S.B. 386)
2023 Missouri Revised Statutes › Title XXVII - Debtor-Creditor Relations › Chapter 428 - Fraudulent Conveyances and Liens › Section 428.005 - Short title.

Title XXVII DEBTOR-CREDITOR RELATIONS
Chapter 428
• Effective - 28 Aug 1992
428.005. Short title. —
Sections 428.005 to 428.059 may be cited as the "Uniform Fraudulent Transfer Act".
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(L. 1992 S.B. 448)
2023 Missouri Revised Statutes › Title XXVII - Debtor-Creditor Relations › Chapter 428 - Fraudulent Conveyances and Liens › Section 428.014 - Insolvency.

Title XXVII DEBTOR-CREDITOR RELATIONS
Chapter 428
• Effective - 28 Aug 1992
428.014. Insolvency. —
1. A debtor is insolvent if the sum of the debtor's debts is greater than all of the debtor's assets at a fair valuation.
2. A debtor who is generally not paying his debts as they become due is presumed to be insolvent.
3. A partnership is insolvent under subsection 1 of this section if the sum of the partnership's debts is greater than the aggregate, at a fair valuation, of all of the partnership's assets and the sum of the excess of the value of each general partner's nonpartnership assets over the partner's nonpartnership debts.
4. Assets under this section do not include property that has been transferred, concealed, or removed with intent to hinder, delay, or defraud creditors or that has been transferred in a manner making the transfer voidable under sections 428.005 to 428.059.
5. Debts under this section do not include an obligation to the extent it is secured by a valid lien on property of the debtor not included as an asset.
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(L. 1992 S.B. 448)
2023 Missouri Revised Statutes › Title XXVII - Debtor-Creditor Relations › Chapter 428 - Fraudulent Conveyances and Liens › Section 428.019 - Value.

Title XXVII DEBTOR-CREDITOR RELATIONS
Chapter 428
• Effective - 28 Aug 1992
428.019. Value. —
1. Value is given for a transfer or an obligation if, in exchange for the transfer or obligation, property is transferred or an antecedent debt is secured or satisfied, but value does not include an unperformed promise made otherwise than in the ordinary course of the promisor's business to furnish support to the debtor or another person.
2. For the purposes of subdivision (2) of subsection 1 of section 428.024 and section 428.029, a person gives a reasonably equivalent value if the person acquires an interest of the debtor in an asset pursuant to a regularly conducted, noncollusive foreclosure sale or execution of a power of sale for the acquisition or disposition of the interest of the debtor upon default under a mortgage, deed of trust, or security agreement.
3. A transfer is made for present value if the exchange between the debtor and the transferee is intended by them to be contemporaneous and is in fact substantially contemporaneous.
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(L. 1992 S.B. 448)
2023 Missouri Revised Statutes › Title XXVII - Debtor-Creditor Relations › Chapter 428 - Fraudulent Conveyances and Liens › Section 428.024 - Transfers fraudulent as to present and future creditors.

Title XXVII DEBTOR-CREDITOR RELATIONS
Chapter 428
• Effective - 28 Aug 1992
428.024. Transfers fraudulent as to present and future creditors. —
1. A transfer made or obligation incurred by a debtor is fraudulent as to a creditor, whether the creditor's claim arose before or after the transfer was made or the obligation was incurred, if the debtor made the transfer or incurred the obligation:
(1) With actual intent to hinder, delay, or defraud any creditor of the debtor; or
(2) Without receiving a reasonably equivalent value in exchange for the transfer or obligation, and the debtor:
(a) Was engaged or was about to engage in a business or a transaction for which the remaining assets of the debtor were unreasonably small in relation to the business or transaction; or
(b) Intended to incur, or believed or reasonably should have believed that he would incur, debts beyond his ability to pay as they became due.
2. In determining actual intent under subdivision (1) of subsection 1 of this section, consideration may be given, among other factors, to whether:
(1) The transfer or obligation was to an insider;
(2) The debtor retained possession or control of the property transferred after the transfer;
(3) The transfer or obligation was disclosed or concealed;
(4) Before the transfer was made or obligation was incurred, the debtor had been sued or threatened with suit;
(5) The transfer was of substantially all the debtor's assets;
(6) The debtor absconded;
(7) The debtor removed or concealed assets;
(8) The value of the consideration received by the debtor was reasonably equivalent to the value of the asset transferred or the amount of the obligation incurred;
(9) The debtor was insolvent or became insolvent shortly after the transfer was made or the obligation was incurred;
(10) The transfer occurred shortly before or shortly after a substantial debt was incurred; and
(11) The debtor transferred the essential assets of the business to a lienor who transferred the assets to an insider of the debtor.
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(L. 1992 S.B. 448)
(2004) Failure to specifically plead theory of piercing the corporate veil or alter ego does not preclude creditor from recovering under Uniform Fraudulent Transfer Act. Fischer v. Brancato, 147 S.W.3d 794 (Mo.App.E.D.).
2023 Missouri Revised Statutes › Title XXVII - Debtor-Creditor Relations › Chapter 428 - Fraudulent Conveyances and Liens › Section 428.029 - Transfers fraudulent as to present creditors.

Title XXVII DEBTOR-CREDITOR RELATIONS
Chapter 428
• Effective - 28 Aug 1992
428.029. Transfers fraudulent as to present creditors. —
1. A transfer made or obligation incurred by a debtor is fraudulent as to a creditor whose claim arose before the transfer was made or the obligation was incurred if the debtor made the transfer or incurred the obligation without receiving a reasonably equivalent value in exchange for the transfer or obligation and the debtor was insolvent at that time or the debtor became insolvent as a result of the transfer or obligation.
2. A transfer made by a debtor is fraudulent as to a creditor whose claim arose before the transfer was made if the transfer was made to an insider for an antecedent debt, the debtor was insolvent at that time, and the insider had reasonable cause to believe that the debtor was insolvent.
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(L. 1992 S.B. 448)
2023 Missouri Revised Statutes › Title XXVII - Debtor-Creditor Relations › Chapter 428 - Fraudulent Conveyances and Liens › Section 428.034 - When transfer is made or obligation is incurred.

Title XXVII DEBTOR-CREDITOR RELATIONS
Chapter 428
• Effective - 28 Aug 1992
428.034. When transfer is made or obligation is incurred. —
For the purposes of sections 428.005 to 428.059:
(1) A transfer is made:
(a) With respect to an asset that is real property other than a fixture, but including the interest of a seller or purchaser under a contract for the sale of the asset, when the transfer is so far perfected that a good-faith purchaser of the asset from the debtor against whom applicable law permits the transfer to be perfected cannot acquire an interest in the asset that is superior to the interest of the transferee; and
(b) With respect to an asset that is not real property or that is a fixture, when the transfer is so far perfected that a creditor on a simple contract cannot acquire a judicial lien otherwise than under sections 428.005 to 428.059 that is superior to the interest of the transferee;
(2) If applicable law permits the transfer to be perfected as provided in subdivision (1) of this section and the transfer is not so perfected before the commencement of an action for relief under sections 428.005 to 428.059, the transfer is deemed made immediately before the commencement of the action;
(3) If applicable law does not permit the transfer to be perfected as provided in subdivision (1) of this section, the transfer is made when it becomes effective between the debtor and the transferee;
(4) A transfer is not made until the debtor has acquired rights in the asset transferred;
(5) An obligation is incurred:
(a) If oral, when it becomes effective between the parties; or
(b) If evidenced by a writing, when the writing executed by the obligor is delivered to or for the benefit of the obligee.
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(L. 1992 S.B. 448)
2023 Missouri Revised Statutes › Title XXVII - Debtor-Creditor Relations › Chapter 428 - Fraudulent Conveyances and Liens › Section 428.039 - Remedies of creditors.

Title XXVII DEBTOR-CREDITOR RELATIONS
Chapter 428
• Effective - 28 Aug 1992
428.039. Remedies of creditors. —
1. In an action for relief against a transfer or obligation under sections 428.005 to 428.059, a creditor, subject to the limitations in section 428.044, may obtain:
(1) Avoidance of the transfer or obligation to the extent necessary to satisfy the creditor's claim;
(2) An attachment or other provisional remedy against the asset transferred or other property of the transferee in accordance with the procedure prescribed by applicable laws of this state;
(3) Subject to applicable principles of equity and in accordance with applicable rules of civil procedure,
(a) An injunction against further disposition by the debtor or a transferee, or both, of the asset transferred or of other property;
(b) Appointment of a receiver to take charge of the asset transferred or of other property of the transferee; or
(c) Any other relief the circumstances may require.
2. If a creditor has obtained a judgment on a claim against the debtor, the creditor, if the court so orders, may levy execution on the asset transferred or its proceeds.
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(L. 1992 S.B. 448)
2023 Missouri Revised Statutes › Title XXVII - Debtor-Creditor Relations › Chapter 428 - Fraudulent Conveyances and Liens › Section 428.044 - Defenses, liability, and protection of transferee.

Title XXVII DEBTOR-CREDITOR RELATIONS
Chapter 428
• Effective - 28 Aug 1992
428.044. Defenses, liability, and protection of transferee. —
1. A transfer or obligation is not voidable under subdivision (1) of subsection 1 of section 428.024 against a person who took in good faith and for a reasonably equivalent value or against any subsequent transferee or obligee.
2. Except as otherwise provided in this section, to the extent a transfer is voidable in an action by a creditor under subdivision (1) of subsection 1 of section 428.039, the creditor may recover judgment for the value of the asset transferred, as adjusted under subsection 3 of this section or the amount necessary to satisfy the creditor's claim, whichever is less. The judgment may be entered against:
(1) The first transferee of the asset or the person for whose benefit the transfer was made; or
(2) Any subsequent transferee other than a good-faith transferee who took for value or from any subsequent transferee.
3. If the judgment under subsection 2 of this section is based upon the value of the asset transferred, the judgment must be for an amount equal to the value of the asset at the time of the transfer, subject to adjustment as the equities may require.
4. Notwithstanding voidability of a transfer or an obligation under sections 428.005 to 428.059, a good-faith transferee or obligee is entitled, to the extent of the value given the debtor for the transfer or obligation, to:
(1) A lien on or a right to retain any interest in the asset transferred;
(2) Enforcement of any obligation incurred; or
(3) A reduction in the amount of the liability on the judgment.
5. A transfer is not voidable under subdivision (2) of subsection 1 of section 428.024 or section 428.029 if the transfer results from:
(1) Termination of a lease upon default by the debtor when the termination is pursuant to the lease and applicable law; or
(2) Enforcement of a security interest in compliance with sections 400.9-101 to 400.9-507.
6. A transfer is not voidable under subsection 2 of section 428.029:
(1) To the extent the insider gave new value to or for the benefit of the debtor after the transfer was made unless the new value was secured by a valid lien;
(2) If made in the ordinary course of business or financial affairs of the debtor and the insider; or
(3) If made pursuant to a good-faith effort to rehabilitate the debtor and the transfer secured present value given for that purpose as well as an antecedent debt of the debtor.
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(L. 1992 S.B. 448)
2023 Missouri Revised Statutes › Title XXVII - Debtor-Creditor Relations › Chapter 428 - Fraudulent Conveyances and Liens › Section 428.049 - Extinguishment of claim for relief or cause of action.

Title XXVII DEBTOR-CREDITOR RELATIONS
Chapter 428
• Effective - 28 Aug 1992
428.049. Extinguishment of claim for relief or cause of action. —
A claim for relief or cause of action with respect to a fraudulent transfer or obligation under sections 428.005 to 428.059 is extinguished unless action is brought:
(1) Under subdivision (1) of subsection 1 of section 428.024, within four years after the transfer was made or the obligation was incurred or, if later, within one year after the transfer or obligation was or could reasonably have been discovered by the claimant;
(2) Under subdivision (2) of subsection 1 of section 428.024 or subsection 1 of section 428.029, within four years after the transfer was made or the obligation was incurred; or
(3) Under subsection 2 of section 428.029, within one year after the transfer was made or the obligation was incurred.
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(L. 1992 S.B. 448)
2023 Missouri Revised Statutes › Title XXVII - Debtor-Creditor Relations › Chapter 428 - Fraudulent Conveyances and Liens › Section 428.054 - Supplementary provisions.

Title XXVII DEBTOR-CREDITOR RELATIONS
Chapter 428
• Effective - 28 Aug 1992
428.054. Supplementary provisions. —
Unless displaced by the provisions of sections 428.005 to 428.059, the principles of law and equity, including the law merchant and the law relating to principal and agent, estoppel, laches, fraud, misrepresentation, duress, coercion, mistake, insolvency, or other validating or invalidating cause, supplement its provisions.
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(L. 1992 S.B. 448)
2023 Missouri Revised Statutes › Title XXVII - Debtor-Creditor Relations › Chapter 428 - Fraudulent Conveyances and Liens › Section 428.059 - Uniformity of applications and construction.

Title XXVII DEBTOR-CREDITOR RELATIONS
Chapter 428
• Effective - 28 Aug 1992
428.059. Uniformity of applications and construction. —
Sections 428.005 to 428.059 shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of sections 428.005 to 428.059 among states enacting it.
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(L. 1992 S.B. 448)