2006 Minnesota Statutes

53B.17 SOLVENCY REQUIRED.
If the commissioner determines that a licensee is insolvent, that its capital is impaired, or that
its condition is such as to render the continuance of its business hazardous to the public or to those
having funds in its custody, the commissioner may apply to the district court for the county in
which the main office is located, or for Ramsey County if the licensee does not have a main office
in Minnesota, for appointment of a receiver to receive the assets of the licensee for the purpose of
liquidating or rehabilitating its business and for such other relief as the interest of the public may
require. The reasonable and necessary expenses of the receivership have priority over all other
claims on the bond required by this chapter.
History: 2001 c 148 s 18