Any individual, type of organization or employing unit which has acquired substantially all of the business of an employer, excepting in any such case any assets retained by such employer incident to the liquidation of his obligations, and in respect to which the division finds that immediately after such change such business of the predecessor employer is continued without interruption solely by the successor, shall stand in the position of such predecessor employer in all respects, including the predecessor's separate account, actual contribution and benefit experience, annual payrolls, and liability for current or delinquent contributions, interest and penalties. If two or more individuals, organizations, or employing units acquired at approximately the same time substantially all of the business of an employer (excepting in any such case any assets retained by such employer incident to the liquidation of his obligations) and in respect to which the division finds that immediately after such change all portions of such business of the predecessor are continued without interruption solely by such successors, each such individual, organization, or employing unit shall stand in the position of such predecessor with respect to the proportionate share of the predecessor's separate account, actual contribution and benefit experience and annual payroll as determined by the portion of the predecessor's taxable payroll applicable to the portion of the business acquired, and each such individual, organization or employing unit shall be liable for current or delinquent contributions, interest and penalties of the predecessor in the same relative proportion. Further, any successor under this section which was not an employer at the time the acquisition occurred, shall pay contributions for the balance of the current rate year at the same contribution rate as the contribution rate of the predecessor whether such rate is more or less than two and seven-tenths percent, provided there was only one predecessor or there were only predecessors with identical rates. If the predecessors' rates were not identical, the division shall calculate a rate as of the date of acquisition applicable to the successor for the remainder of the rate year, which rate shall be based on the combined experience of all predecessor employers. In the event that any successor was, prior to an acquisition, an employer, and there is a difference in the contribution rate established for such calendar year applicable to any acquired or acquiring employer, the division shall make a recalculation as of the date of acquisition of the contribution rate applicable to any successor employer based upon the combined experience of all predecessor and successor employers, which revised contribution rate shall apply to employment after the date of any such acquisition. For this purpose a calculation date different from July first may be established. When the division has determined that a successor or successors stand in the position of a predecessor employer, the predecessor's liability shall be terminated as of the date of the acquisition.

(L. 1951 p. 564 § 288.120, A.L. 1965 p. 420)

(1954) Where home furnishing company sold entire furnishing business and same was continued without interruption by purchaser, account was properly transferred notwithstanding seller retained accounts receivable of a value in excess of the value of the furniture business and continued to exist for the purpose of collecting the accounts. Union-May-Stern Co. v. Industrial Commission (A.), 273 S.W.2d 766.

(1963) Motor truck carrier acquired, within meaning of this section, substantially all business of predecessor where it took over assets and liabilities under an agreement to purchase with a temporary rental agreement, and under a temporary operating authority granted by I.C.C. and used, for a year and a half, its equipment as well as its certificate of authority and hired all its former employees, although the purchase agreement was subsequently disapproved by the I.C.C. Chief Freight Lines Co. v. Industrial Commission (A.), 366 S.W.2d 48.

(1978) Literal interpretation of statute would cause unreasonable result, thus where publishing company which transferred its radio and television facilities to wholly owned subsidiary, subsidiary could properly succeed to parent company's unemployment contribution tax rate, notwithstanding company did not “acquire” newspaper from third party as required. KSD/ KSD-TV, Inc. v. Labor Indust. Rel., Etc. (Mo.), 562 S.W.2d 346.

(1996) Section applies to both voluntary and involuntary acquisitions. Division of Employment Security v. Taney County District R-III, 922 S.W.2d 391 (Mo.banc).