1997 Minnesota Statutes

     48.82 Deposits of trust and other funds received.  

    Any trust company may act as a depository or accept for 
 safekeeping money, bonds, stocks, and other securities or 
 personal property which any public officer, or any trustee or 
 other legal representative, or any public or private corporation 
 or person, shall be authorized, ordered, or otherwise required 
 by law to deposit in a bank or other safe depository, or to pay 
 into any court of record; and the same may, instead thereof, be 
 paid into or deposited with any such trust company, and, where 
 such deposit is made pursuant to order of court, in such as the 
 court shall designate, and take the receipt of the trust company 
 therefor; and thereupon the depositor and the depositor's 
 sureties shall be relieved from liability thereafter accruing so 
 long as these deposits continue.  Such deposits shall not 
 include checking or savings accounts, certificates of deposit or 
 other liabilities not relating to its fiduciary activities, 
 except as may be authorized by section 47.23 and sections 48.69 
 to 48.73 inclusive.  

    HIST: (7732) RL s 3037; 1961 c 298 s 4; 1986 c 444