Minnesota § 302A.725 PROCEDURE IN DISSOLUTION

Minnesota Statutes

§ 302A.725 — PROCEDURE IN DISSOLUTION

Minnesota § 302A.725

PartBUSINESS, SOCIAL, AND CHARITABLE ORGANIZATIONS

Ch. 302ABUSINESS CORPORATIONS

This text of Minnesota § 302A.725 (PROCEDURE IN DISSOLUTION) is published on Counsel Stack Legal Research, covering Minnesota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Minn. Stat. § 302A.725 (2026).

Text

Subdivision 1.Collection; payment. When a notice of intent to dissolve has been filed with the secretary of state, the board, or the officers acting under the direction of the board, shall proceed as soon as possible:

(a)To collect or make provision for the collection of all known debts due or owing to the corporation, including unpaid subscriptions for shares;

(b)Except as provided in sections302A.727,302A.7291, and302A.781, to pay or make provision for the payment of all known debts, obligations, and liabilities of the corporation according to their priorities; and

(c)To give notice to creditors and claimants under section302A.727or to proceed under section302A.7291. Subd. 2.Transfer of assets. Notwithstanding the provisions of section302A.661, when a notice of intent to dissolve ha

Free access — add to your briefcase to read the full text and ask questions with AI

Subdivision 1.Collection; payment.
When a notice of intent to dissolve has been filed with the secretary of state, the board, or the officers acting under the direction of the board, shall proceed as soon as possible:
(a) To collect or make provision for the collection of all known debts due or owing to the corporation, including unpaid subscriptions for shares;
(b) Except as provided in sections302A.727,302A.7291, and302A.781, to pay or make provision for the payment of all known debts, obligations, and liabilities of the corporation according to their priorities; and
(c) To give notice to creditors and claimants under section302A.727or to proceed under section302A.7291.

Subd. 2.Transfer of assets.
Notwithstanding the provisions of section302A.661, when a notice of intent to dissolve has been filed with the secretary of state, the directors may sell, lease, transfer, or otherwise dispose of all or substantially all of the property and assets of a dissolving corporation without a vote of the shareholders.

Subd. 3.Distribution to shareholders.
All tangible or intangible property, including money, remaining after the discharge of, or after making adequate provision for the discharge of, the debts, obligations, and liabilities of the corporation shall be distributed to the shareholders in accordance with section302A.551, subdivision 4.