1997 Minnesota Statutes

     48.81 Investment powers; limitation.  

    Any trust company may acquire, use, and improve, and for 
 that purpose mortgage, lease, sell, and convey, such real and 
 personal property as may be necessary for the transaction of its 
 business.  Any estate or interest in real estate which it may 
 acquire by virtue of the foreclosure of any mortgage, trust 
 deed, or other security, or by the settlement of any obligation 
 or otherwise, in the course of its legitimate business, it may 
 sell or continue to hold and use as deemed for its interests or 
 those of the estate or trust to which the same belongs, and to 
 that end it may become the purchaser at any foreclosure or 
 judicial sale to which it is a party as trustee or otherwise.  
 It may also accept or make any deed, mortgage, or other 
 instrument necessary for the transaction of its business, may 
 loan money and secure such loans by mortgage, trust deed or 
 pledge, purchase notes, bonds, mortgages, and other evidences of 
 indebtedness, and securities, and sell and assign the same, and 
 convert them into cash or into other authorized securities, or 
 securities and property not herein expressly prohibited, 
 provided that the investment of funds owned by a trust company, 
 as distinguished from funds held by it in trust, shall be 
 restricted to authorized securities.  It may guarantee a title 
 to securities sold and transferred by it; may become sole surety 
 upon any bond provided that, as to trust companies organized 
 after April 10, 1965, such pertain to its own fiduciary 
 activities and may maintain and operate safe deposit vaults.  It 
 shall invest none of its capital or surplus in real estate 
 except as herein authorized, nor any of its deposits, trust 
 funds or property therein except as so authorized, or under or 
 by virtue of an express contract, judgment, or other instrument 
 conferring or imposing special power and authority so to do.  

    HIST: (7730) RL s 3035; 1965 c 171 s 22; 1969 c 772 s 7