Repossessed liquor, sale by lending institution, when
If a bank takes back liquor that was used as collateral on a business loan, the bank can sell that liquor to a licensed liquor store or retailer. The bank does not need a liquor license to do this, but it does need approval from the state alcohol and tobacco control office. The sale only covers full cases, kegs, barrels, or unopened containers.
311.401. liquor, sale by , when — no required. — Any lending institution doing business with any , , , , or in Missouri under this chapter shall have the right to sell which such lending institution has repossessed to a retailer duly licensed under this chapter, with the approval of the , provided such liquor was originally taken as for a business loan. No license or shall be required for such sale, and such sale shall be limited to cases, kegs, or barrels of such liquor, and any leftover unopened containers. Such transaction shall be subject to the of chapter 400. As used in this section, the term "lending institution" means any bank or trust company incorporated under the laws of this state or of the United States.
Tap any gold-underlined word to see what it means.
Source & history notes
(L. 1983 S.B. 6, A.L. 2003 S.B. 298)
Legal information, not legal advice. Always confirm with the official source at revisor.mo.gov.