Minnesota § 48A.11 NATIONAL BANKS AS FIDUCIARIES

Minnesota Statutes

§ 48A.11 — NATIONAL BANKS AS FIDUCIARIES

Minnesota § 48A.11

PartBANKING

Ch. 48ATRUST COMPANIES

This text of Minnesota § 48A.11 (NATIONAL BANKS AS FIDUCIARIES) 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.11 (2026).

Text

A national bank in this state granted a special permit to act in a fiduciary capacity by either the Federal Reserve Board under subsection K of section 11 of the Federal Reserve Act, as amended by the act of September 26, 1918, or the Office of the Comptroller of the Currency under the provisions of United States Code, title 12, section 92a, may without oath or security assign, transfer to, and deposit with the commissioner, the kinds and amounts of authorized securities required by section48A.03of a bank or trust company in a city in which the national bank is located. If the national bank has a capital of $500,000 or more, it is not required to deposit these securities for more than the lesser of $1,000,000 or ten percent of the amount of assets the bank is acting in a fiduciary capacity

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A national bank in this state granted a special permit to act in a fiduciary capacity by either the Federal Reserve Board under subsection K of section 11 of the Federal Reserve Act, as amended by the act of September 26, 1918, or the Office of the Comptroller of the Currency under the provisions of United States Code, title 12, section 92a, may without oath or security assign, transfer to, and deposit with the commissioner, the kinds and amounts of authorized securities required by section48A.03of a bank or trust company in a city in which the national bank is located. If the national bank has a capital of $500,000 or more, it is not required to deposit these securities for more than the lesser of $1,000,000 or ten percent of the amount of assets the bank is acting in a fiduciary capacity for at offices located in Minnesota. The securities so deposited must be held and maintained as a guaranty fund for the national bank for the performance of its duties in this fiduciary capacity.
When a national bank has complied with section48A.03, no oath or security is required of it to accept and perform the trust, as provided in section48A.07, subdivision 4.
For purposes of this section, "bank" and "trust company" have the meanings given in section48A.09.