Minnesota § 48A.06 PROHIBITED DEALINGS AND INDEBTEDNESS

Minnesota Statutes

§ 48A.06 — PROHIBITED DEALINGS AND INDEBTEDNESS

Minnesota § 48A.06

PartBANKING

Ch. 48ATRUST COMPANIES

This text of Minnesota § 48A.06 (PROHIBITED DEALINGS AND INDEBTEDNESS) 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. § 48A.06 (2026).

Text

(a)A trust company shall not engage in banking, mercantile, manufacturing, or other business, unless this business is expressly authorized in this chapter.

(b)A trust company shall not lend its funds, money, capital, trust funds, or other property to a director, officer, agent, or employee.

(c)A director, officer, agent, or employee of a trust company shall not become indebted to it by means of an overdraft, promissory note, account, endorsement, guaranty, or any other contract. A director, officer, agent, or employee who violates this paragraph is guilty of theft of the amount of the indebtedness from the time of its creation.

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(a) A trust company shall not engage in banking, mercantile, manufacturing, or other business, unless this business is expressly authorized in this chapter.
(b) A trust company shall not lend its funds, money, capital, trust funds, or other property to a director, officer, agent, or employee.
(c) A director, officer, agent, or employee of a trust company shall not become indebted to it by means of an overdraft, promissory note, account, endorsement, guaranty, or any other contract. A director, officer, agent, or employee who violates this paragraph is guilty of theft of the amount of the indebtedness from the time of its creation.