2000 Minnesota Statutes

     176A.12 Guaranty fund certificates, surplus notes or 
  debentures. 

    Money advanced to the fund in connection with or pursuant 
 to section 176A.11 shall be evidenced by guaranty fund 
 certificates that permit the issuance of other guaranty fund 
 certificates, surplus notes, debentures, or other instruments 
 with equal rights to payment out of surplus of the fund, and in 
 the event of any insufficiency, payments with respect to 
 guaranty certificates may be made pro rata based on outstanding 
 principal amounts of guaranty certificates, surplus notes, 
 debentures, or other instruments with equal rights.  Any 
 guaranty fund certificates or other instruments previously 
 issued to evidence any money advanced to the fund in connection 
 with or pursuant to section 176A.11 shall be exchanged by the 
 commissioner of finance for restated certificates in form and 
 substance consistent with section 176A.11 and this section in 
 order to facilitate the issuance by the fund of other guaranty 
 fund certificates, surplus notes, debentures, or other 
 instruments as provided in this section.  Any amounts accrued 
 but unpaid pursuant to the terms of any outstanding guaranty 
 certificate, surplus note, debenture, or other instrument shall 
 be deemed to be money advanced for the purposes of this chapter. 

    HIST: 1988 c 427 s 2