1.1 	A bill for an act
1.2 	relating to commerce; regulating certain filings with the secretary of state;
1.3 	amending Minnesota Statutes 2008, sections 318.02, subdivision 1; 557.01.
1.4 	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

1.5 	Section 1. Minnesota Statutes 2008, section 318.02, subdivision 1, is amended to read:
1.6 		Subdivision 1.Definition. The term "declaration of trust" as used in this section 
1.7 	means the declaration of trust, business trust instrument, trust indenture, contract of 
1.8 	custodianship, or other instrument pursuant to which such association is organized. Every 
1.9 	such association organized after April 20, 1961, for the purpose of transacting business 
1.10 	in this state shall, prior to transacting any business in this state, file in the Office of the 
1.11 	Secretary of State a true and correct copy of the "declaration of trust" under which the 
1.12 	association proposes to conduct its business. The copy shall also contain a statement that 
1.13 	the true and correct copy of the "declaration of trust" is being filed in the Office of the 
1.14 	Secretary of State of the state of Minnesota pursuant to this chapter and shall also include 
1.15 	the full name and street address of an agent of the business trust in this state. That agent 
1.16 	shall be the agent for service of process which shall be made pursuant to the provisions 
1.17 	of section 543.08. The "declaration of trust" may provide that the duration of such 
1.18 	association shall be perpetual. Upon the filing of the copy of the "declaration of trust," and 
1.19 	the payment of a filing fee of $150 to the secretary of state, the secretary of state shall issue 
1.20 	to such association, or to the trustees named in the said "declaration of trust," or to the 
1.21 	persons or parties to the "declaration of trust," a certificate showing that such "declaration 
1.22 	of trust" has been duly filed; whereupon, such association in its name shall be authorized 
1.23 	to transact business in this state; provided that all other applicable laws have been 
1.24 	complied with. The "declaration of trust" may be amended as provided in the "declaration 
2.1 	of trust" or in any amendments thereto but a true and correct copy of all amendments to the 
2.2 	"declaration of trust," shall be filed in the Office of the Secretary of State upon the payment 
2.3 	of a filing fee of $50 to the secretary of state and all amendments shall become effective at 
2.4 	the time of said filing. When such copy of the "declaration of trust" and any amendments 
2.5 	thereto shall have been filed in the Office of the Secretary of State it shall constitute public 
2.6 	notice as to the purposes and manner of the business to be engaged in by such association.  

2.7 	Sec. 2. Minnesota Statutes 2008, section 557.01, is amended to read:
2.8 	557.01 NONRESIDENT, AGENT TO ACCEPT SERVICE.
2.9 	Any nonresident person or corporation owning or claiming any interest or lien in 
2.10 	or upon lands in the state may file with the secretary of state a writing, executed and 
2.11 	acknowledged in the manner of a conveyance, appointing a resident agent, whose place 
2.12 	of residence shall be stated, to accept service of process or summons in any action or 
2.13 	proceeding in the courts of the state concerning such interest or lien, except actions or 
2.14 	proceedings for the collection of taxes, and consenting that service of such process or 
2.15 	summons upon such agent shall be binding upon the person executing the same. Such 
2.16 	writing shall be recorded by the secretary. No service by publication of summons shall 
2.17 	be made upon any such nonresident who has complied with the provisions hereof, but in 
2.18 	all such cases service of such process or summons, or of any writ or notice in the action 
2.19 	or proceedings, shall be made upon such agent in the manner provided by law for such 
2.20 	service upon residents of the state, and have the same effect as personal service within 
2.21 	the state upon such owner or claimant; but, if such party appears by attorneys therein, the 
2.22 	service of papers shall thereafter be upon such attorney. The authority of such agent 
2.23 	may be revoked by writing similarly executed and acknowledged and recorded, but no 
2.24 	revocation shall affect any action or proceeding then pending. For filing and recording 
2.25 	such papers the secretary shall be entitled to 15 cents for each folio The fee for each filing 
2.26 	made under this section is $50.