State Codes and Statutes
Statutes > Missouri > T28 > C431 > 431_170Action against assignor by assignee, when.
431.170. The assignee of a bond, nonnegotiable note oraccount, may maintain an action against the assignor, uponfailure to obtain payment from the obligor, maker or debtor, onlyin one of the following cases:
(1) If he use due diligence in the institution andprosecution of a suit against the obligor, maker or debtor, forthe recovery of the money or property due, or damages in lieuthereof;
(2) If the obligor, maker or debtor is insolvent, or is nota resident of this state, so that a suit would be unavailing orcould not be instituted.
(RSMo 1939 § 3347)Prior revisions: 1929 § 2960; 1919 § 2162; 1909 § 2776
