Action against assignor by assignee, when.

431.170. Action against assignor by assignee, when. — The assignee of a bond, nonnegotiable note or account, may maintain an action against the assignor, upon failure to obtain payment from the obligor, maker or debtor, only in one of the following cases: (1) If he use due diligence in the institution and prosecution of a suit against the obligor, maker or debtor, for the recovery of the money or property due, or damages in lieu thereof; (2) If the obligor, maker or debtor is insolvent, or is not a resident of this state, so that a suit would be unavailing or could not be instituted. (RSMo 1939 § 3347) Prior revisions: 1929 § 2960; 1919 § 2162; 1909 § 2776