Minnesota Legislature
Office of the Revisor of Statutes
2006 Minnesota Statutes
- Search Minnesota Statutes
- About Minnesota Statutes
- 2006 Statutes New, Amended or Repealed
- 2006 Table of Chapters
- 2006 Statutes Topics (Index)
Chapter 48A
Section 48A.06
Topics
Recent History
This is an historical version of this statute chapter. Also view the most recent published version.
48A.06 PROHIBITED DEALINGS AND INDEBTEDNESS.
(a) A trust company shall not engage in banking, mercantile, manufacturing, or other
business, unless this business is expressly authorized in this chapter.
(b) A trust company shall not lend its funds, money, capital, trust funds, or other property to
a director, officer, agent, or employee.
(c) A director, officer, agent, or employee of a trust company shall not become indebted to it
by means of an overdraft, promissory note, account, endorsement, guaranty, or any other contract.
A director, officer, agent, or employee who violates this paragraph is guilty of theft of the amount
of the indebtedness from the time of its creation.
History: 1998 c 331 s 19
(a) A trust company shall not engage in banking, mercantile, manufacturing, or other
business, unless this business is expressly authorized in this chapter.
(b) A trust company shall not lend its funds, money, capital, trust funds, or other property to
a director, officer, agent, or employee.
(c) A director, officer, agent, or employee of a trust company shall not become indebted to it
by means of an overdraft, promissory note, account, endorsement, guaranty, or any other contract.
A director, officer, agent, or employee who violates this paragraph is guilty of theft of the amount
of the indebtedness from the time of its creation.
History: 1998 c 331 s 19
Official Publication of the State of Minnesota
Revisor of Statutes