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SF 2471

as introduced - 86th Legislature (2009 - 2010) Posted on 02/09/2010 11:36pm

KEY: stricken = removed, old language.
underscored = added, new language.
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A bill for an act
relating to commerce; regulating certain filings with the secretary of state;
amending Minnesota Statutes 2008, sections 318.02, subdivision 1; 557.01.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2008, section 318.02, subdivision 1, is amended to read:


Subdivision 1.

Definition.

The term "declaration of trust" as used in this section
means the declaration of trust, business trust instrument, trust indenture, contract of
custodianship, or other instrument pursuant to which such association is organized. Every
such association organized after April 20, 1961, for the purpose of transacting business
in this state shall, prior to transacting any business in this state, file in the Office of the
Secretary of State a true and correct copy of the "declaration of trust" under which the
association proposes to conduct its business. The copy shall also contain a statement that
the true and correct copy of the "declaration of trust" is being filed in the Office of the
Secretary of State of the state of Minnesota pursuant to this chapter and shall also include
the full name and street address of an agent of the business trust in this state. That agent
shall be the agent for service of process which shall be made pursuant to the provisions
of section 543.08. The "declaration of trust" may provide that the duration of such
association shall be perpetual. Upon the filing of the copy of the "declaration of trustnew text begin,new text end" deleted text beginand
the payment of a filing fee of $150 to the secretary of state,
deleted text end the secretary of state shall issue
to such association, or to the trustees named in the said "declaration of trust," or to the
persons or parties to the "declaration of trust," a certificate showing that such "declaration
of trust" has been duly filed; whereupon, such association in its name shall be authorized
to transact business in this state; provided that all other applicable laws have been
complied with. The "declaration of trust" may be amended as provided in the "declaration
of trust" or in any amendments thereto but a true and correct copy of all amendments to the
"declaration of trust," shall be filed in the Office of the Secretary of State deleted text beginupon the payment
of a filing fee of $50 to the secretary of state
deleted text end and all amendments shall become effective at
the time of said filing. When such copy of the "declaration of trust" and any amendments
thereto shall have been filed in the Office of the Secretary of State it shall constitute public
notice as to the purposes and manner of the business to be engaged in by such association.

Sec. 2.

Minnesota Statutes 2008, section 557.01, is amended to read:


557.01 NONRESIDENT, AGENT TO ACCEPT SERVICE.

Any nonresident person or corporation owning or claiming any interest or lien in
or upon lands in the state may file with the secretary of state a writing, executed and
acknowledged in the manner of a conveyance, appointing a resident agent, whose place
of residence shall be stated, to accept service of process or summons in any action or
proceeding in the courts of the state concerning such interest or lien, except actions or
proceedings for the collection of taxes, and consenting that service of such process or
summons upon such agent shall be binding upon the person executing the same. Such
writing shall be recorded by the secretary. No service by publication of summons shall
be made upon any such nonresident who has complied with the provisions hereof, but in
all such cases service of such process or summons, or of any writ or notice in the action
or proceedings, shall be made upon such agent in the manner provided by law for such
service upon residents of the state, and have the same effect as personal service within
the state upon such owner or claimant; but, if such party appears by attorneys therein, the
service of papers shall thereafter be upon such attorney. The authority of such agent
may be revoked by writing similarly executed and acknowledged and recorded, but no
revocation shall affect any action or proceeding then pending. deleted text beginFor filing and recording
such papers the secretary shall be entitled to 15 cents for each folio
deleted text endnew text begin The fee for each filing
made under this section is $50
new text end.