20.01.260 - Director not liable if circumstances prevent ascertainment of creditors -- Demand on bond.

Director not liable if circumstances prevent ascertainment of creditors — Demand on bond.

Where by reason of the absence of records, or other circumstances making it impossible or unreasonable for the director to ascertain the names and addresses of all said consignor creditors, the director after exerting due diligence and making reasonable inquiry to secure said information from all reasonable and available sources, may make demand on said bond on the basis of information then in his possession, and thereafter shall not be liable or responsible for claims or the handling of claims which may subsequently appear or be discovered.

[1959 c 139 § 26.]