Minnesota Session Laws - 1991, Regular Session

  

                         Laws of Minnesota 1991 

                        CHAPTER 329-S.F.No. 601 
           An act relating to commerce; providing a definition of 
          "signed" for purposes of credit agreements; amending 
          Minnesota Statutes 1990, section 513.33, subdivision 1.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
    Section 1.  Minnesota Statutes 1990, section 513.33, 
subdivision 1, is amended to read: 
    Subdivision 1.  [DEFINITIONS.] For the purposes of this 
section, the following terms have the meanings given them:  
    (1) "credit agreement" means an agreement to lend or 
forbear repayment of money, goods, or things in action, to 
otherwise extend credit, or to make any other financial 
accommodation; 
    (2) "creditor" means a person who extends credit under a 
credit agreement with a debtor; and 
    (3) "debtor" means a person who obtains credit or seeks a 
credit agreement with a creditor or who owes money to a 
creditor; and 
    (4) "signed" has the meaning specified in section 
336.1-201(39). 
    Sec. 2.  [APPLICATION.] 
    The intent of section 1 is to clarify the intent of the 
legislature in enacting section 513.33. 
    Presented to the governor May 31, 1991 
    Signed by the governor June 4, 1991, 8:55 p.m.