51A.23 SAVINGS ACCOUNT.
Subdivision 1. Ownership.
Trust funds received by a real estate broker or the broker's
salespersons in trust may be deposited in a savings association. Deposit accounts shall be
represented only by the account of each deposit account holder on the books of the association,
and the accounts or any interest therein shall be transferable only on the books of the association
and upon proper written application by the transferee. The association may treat the holder of
record of a savings account as the owner of it for all purposes without being affected by any
notice to the contrary unless the association has acknowledged in writing notice of a pledge of
the deposit account. Notwithstanding the foregoing, an association or federal association may
offer negotiable time deposits.
An association may issue deposit accounts to or in the name of a minor, which shall be
held for the exclusive right and benefit of the minor, free from the control or lien of all other
persons, except creditors, and, together with dividends thereon, shall be paid to the minor, and
receipt or acquittance in any form, shall be sufficient release and discharge of the association for
withdrawal, until a guardian appointed in this state for the minor shall have delivered a certificate
Subd. 2.[Repealed, 1988 c 666 s 75
Subd. 3.[Repealed, 1988 c 666 s 75
Subd. 4.[Repealed, 1988 c 666 s 75
Subd. 5.[Repealed, 1988 c 666 s 75
Subd. 6. Insurance of accounts.
Every association incorporated pursuant to or operating
under the provisions of sections
shall at all times maintain in effect insurance
of its savings accounts by the Federal Savings and Loan Insurance Corporation, an agency of
this state or other federal agency established for the purpose of insuring savings accounts in
associations. An association which fails to meet this requirement for insurance of its savings
accounts shall either dissolve, merge or consolidate with another association which is insured by
the Federal Savings and Loan Insurance Corporation, an agency of this state or a federal agency
established for the purpose of insuring savings accounts in associations.
Subd. 7. Insurance of accounts in new associations.
No association shall be issued a
certificate of approval by the commissioner of commerce after April 10, 1976, unless such
association has obtained a commitment for insurance of its deposits by the Federal Savings and
Loan Insurance Corporation or any agency of this state or any federal agency established for the
purpose of insuring savings accounts in associations.
History: 1969 c 490 s 23; 1971 c 136 s 3; 1971 c 387 s 6; 1976 c 219 s 1,2; 1982 c 473 s 17;
1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92; 1986 c 444; 1987 c 105 s 1; 1988 c 666 s 42;
1995 c 202 art 1 s 25; 1996 c 414 art 1 s 44; 1997 c 157 s 67; 1998 c 260 s 1