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Minnesota Legislature

Office of the Revisor of Statutes

48.51 DEMAND DEPOSITS DEFINED.
For the purpose of this section and section 48.50, all deposits are payable on demand except:
(1) Those deposits which are evidenced by a negotiable or nonnegotiable instrument which
provides on its face that the amount of the deposit is payable:
(a) on a certain date, specified in the instrument, not less than 14 days after the date of
the deposit; or (b) at the expiration of a specified period not less than 14 days after the date of
the instrument; or (c) upon written notice to be given not less than 14 days before the date of
repayment.
(2) Those deposits which may not be withdrawn within 14 days of the making thereof.
(3) Those deposits which may not be withdrawn within 14 days of the giving of notice
of an intended withdrawal.
(4) Those deposits in which the above 14-day minimums are in conflict with federal law
or regulations.
History: (7697-11) 1937 c 403 s 2; 1981 c 220 s 12; 1984 c 576 s 16; 1987 c 349 art 1 s 16