Title XXVII — DEBTOR-CREDITOR RELATIONS

426.010. Voluntary assignment — execution of. — Every voluntary assignment of lands, tenements, goods, chattels, effects and credits made by a debtor to any person in trust for his creditors, shall be for the benefit of all the creditors of the assignor in proportion to their res…

426.020. Assignee to file inventory, when and where. — It shall be the duty of the assignee, within fifteen days after the execution of the deed of assignment, to file in the office of the clerk of the circuit court of the county in which the assignor, or, if there be more than o…

426.030. Inventory to be sworn to. — The inventory shall be accompanied with an affidavit by the assignee, that the same is a full and complete inventory of all such property, effects and things, as far as the same have come to his knowledge. ­­-------- (RSMo 1939 § 5741) Prior r…

426.040. Appraisers, appointment of. — It shall be the duty of the circuit court in whose clerk's office such inventory may be filed to appoint two or more disinterested and competent persons to appraise the property, effects and things so inventoried; provided, that such apprais…

426.050. Oath, filing and compensation of appraisers. — The appraisers, or a majority of them, having first taken an oath or affirmation, before some person having authority to administer oaths, to discharge their duties with fidelity, shall forthwith proceed to make such apprais…

426.060. Additional property, duty of assignee. — If, after making the first inventory, any other property, effects and things conveyed by the deed of assignment shall come to the possession or knowledge of the assignee, his duty in relation thereto, and the duty of the court or …

426.070. Assignor's list of property — filing of bond of assignee — additional bond. — The assignor, his agent or attorney, at the time of the execution of the deed of assignment, shall make a statement, in writing, verified by affidavit, setting forth the general nature and full…

426.080. Bond, condition of. — The bond shall be taken in the name of the state of Missouri, and the condition shall be as follows: The condition of this obligation is such that if the above bound ______, assignee of ______, shall, in all things, discharge his duty as assignee of…

426.090. Bond, where filed and recorded — approval. — The bond shall be filed in the office of the clerk of the court in which the inventory is filed, shall be approved by the court, or in the absence of the judge, by the clerk and shall be by the clerk recorded in a book for suc…

426.100. Bonds taken in absence of judge, approval or rejection. — The circuit court shall approve or reject the bonds taken in the absence of the judge, and the clerk shall enter the approval or rejection on the record. ­­-------- (RSMo 1939 § 5748, A.L. 1978 H.B. 1634) Prior re…

426.110. If rejected, court to order new bond — failure to give revokes authority. — If the bond be rejected, the court shall order the assignee to give another bond, with sufficient security, to be approved by the court; and if he fail to give such bond within such time as the c…

426.120. Rejected bond valid until new one given — new bond relates back. — Such bond shall be valid until such new bond be given and approved, notwithstanding its rejection by the court, and such new bond, when approved, shall relate back, and be operative from the date of assig…

426.130. Suit on bond, by whom and when brought — damages. — Any person injured by a breach of the condition of the bond may sue thereon in the name of the state to his use, and the damages shall be assessed as on bonds with collateral conditions. ­­-------- (RSMo 1939 § 5751) Pr…

426.140. Assignee to exhibit accounts, when and how — failure — citation — dismissal. — Every assignee shall exhibit, on oath, a statement of the accounts of the trust, with proper vouchers, to the circuit court within sixty days after the execution of the assignment, unless for …

426.150. Notice of allowance of assignee's accounts by court, how given. — The court shall, by such order as the circumstances of the case may require, direct the clerk to give notice of the exhibition and filing of such accounts, for such time and in such public newspapers as it…

426.160. Expense of advertising. — The expense of advertising shall be paid by the assignee, at the time of exhibiting his account, and shall be passed to his credit in such account. ­­-------- (RSMo 1939 § 5754) Prior revisions: 1929 § 5644; 1919 § 640; 1909 § 913

426.170. Demands against estates, how and when allowed. — The assignee shall appoint a day, within three months after the date of the assignment, and a place, which shall be the county seat of the county where the inventory is filed, or such other place in said county most conven…

426.180. Notice, how given — creditor failing to present at proper time, precluded — exceptions. — The assignee shall give notice of the time and place of adjusting and allowing demands against the estate of his assignor, by advertisement published in some newspaper printed in th…

426.190. Assignee may administer oaths and examine witnesses. — The assignee shall have power to administer all necessary oaths to debtors, creditors and witnesses; and may examine them on oath, touching any claim exhibited to him for allowance. ­­-------- (RSMo 1939 § 5757) Prio…

426.200. Evidence to establish demand. — The assignee shall require such evidence, and no other, of the justice of such demands, as is required to establish demands of a similar character in the circuit court in suits between the original parties to the contract. ­­-------- (RSMo…

426.210. Decisions of assignee final, unless appeal asked for — appeal to circuit court. — The decision of the assignee in relation to all claims presented to him for allowance shall be final, unless a creditor or some other person interested shall, after a decision is made on an…

426.220. Appeals, how taken — affidavit and bond for. — All appeals allowed by virtue of section 426.210 shall be taken and made by the appellant, or someone for him, making and filing an affidavit that the appeal is not taken for vexation or delay, but because affiant believes t…

426.230. Proceedings in circuit court upon appeal. — Upon such appeal being allowed and certified, as in section 426.220 is required, the court shall become possessed of the case, and shall proceed to hear and determine the same, in the same manner as if such case was pending bef…

426.240. Judgment certified to assignee and claim allowed, when. — All judgments rendered in favor of any claimant in the circuit court by virtue of the provisions of this chapter, shall be certified by the clerk thereof to the assignee, who shall allow the same, and class it as …

426.250. Demand of assignee against assignor, how allowed. — If the assignee shall have a demand against the assignor, which he desires to have allowed, he may present a petition to the circuit court stating the particulars of his demand and the amount thereof, verified by affida…

426.260. Assignee failing to file true inventory and give bond, court to issue citation. — Whenever it shall be made to appear to the court having jurisdiction that any assignee has neglected or refused, when required by law, to file a full and true inventory, or to give bond, as…

426.270. On return of citation, court may order inventory and bond filed or dismiss assignee. — On the return of the citation, the court may require the assignee to file an inventory and to give bond, with good and sufficient security, in such time as it may deem reasonable, or m…

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 d…

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 appoint…

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…

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 …

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 thei…

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…

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 …

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 di…

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 commiss…

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. ­­--…

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. ­­-------- (RSMo 1939 § 5776, A. 1949 S.B. 1118) Prior rev…

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 a…

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 deb…

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 acti…