2007 Minnesota Statutes

80A.27 SCOPE OF SECTIONS 80A.01 TO 80A.31 AND SERVICE OF PROCESS.
    Subdivision 1. Sales. Sections 80A.01; 80A.04, subdivision 1; 80A.08; 80A.18; and 80A.23,
apply to persons who sell or offer to sell when (a) an offer to sell is made in this state or (b) an
offer to buy is made and accepted in this state.
    Subd. 2. Purchases. Sections 80A.01; 80A.04, subdivision 1; 80A.18; and 80A.23, apply to
persons who buy or offer to buy when (a) an offer to buy is made in this state, or (b) an offer to
sell is made and accepted in this state.
    Subd. 3. Offers made. For the purpose of this section an offer to sell or to buy is made in
this state, whether or not either party is then present in this state, when the offer (a) originates
from this state or (b) is directed by the offeror to this state and received by the offeree in this state,
but for the purpose of section 80A.08 an offer to sell which is not directed to or received by the
offeree in this state is not made in this state.
    Subd. 4. Offers accepted. For the purpose of this section an offer to buy or to sell is
accepted in this state when acceptance (a) is communicated to the offeror in this state and (b) has
not previously been communicated to the offeror, orally or in writing outside of this state; and
acceptance is communicated to the offeror in this state, whether or not either party is then present
in this state, when the offeree directs it to the offeror in this state reasonably believing the offeror
to be in this state and it is received by the offeror in this state.
    Subd. 5. Offers not made in state. An offer to sell or to buy is not made in this state
when (a) the publisher circulates or there is circulated on the publisher's behalf in this state any
bona fide newspaper or other publication of general, regular, and paid circulation which is not
published in this state, or which is published in this state but has had more than two-thirds of
its circulation outside this state during the past 12 months, or (b) a radio or television program
originating outside this state is received in this state.
    Subd. 6. Application of certain sales and licensing restrictions. Sections 80A.01 and
80A.04, subdivision 3, so far as investment advisers are concerned, and section 80A.03 so far as
any person is concerned, apply when any act instrumental in effecting prohibited conduct is done
in this state, whether or not either party is then present in this state.
    Subd. 7. Consent to service of process. Every applicant for registration under sections
80A.01 to 80A.31 and every issuer who proposes to offer a security in this state through any
person acting on an agency basis in the common law sense shall file with the commissioner,
in such form as the commissioner by rule prescribes, an irrevocable consent appointing the
commissioner or a successor in office to be the attorney to receive service of any lawful process
in any noncriminal suit, action, or proceeding against that person or a successor, executor, or
administrator which arises under sections 80A.01 to 80A.31 or any rule or order hereunder after
the consent has been filed, with the same force and validity as if served personally on the person
filing the consent. The consent need not be filed by a person who has filed a consent in connection
with a previous registration or license which is then in effect. Service may be made in compliance
with section 45.028, subdivision 2.
    Subd. 8. Appointment of commissioner to receive process. When any person, including
any nonresident of this state, engages in conduct prohibited or made actionable by sections
80A.01 to 80A.31 or any rule or order hereunder, and has not filed a consent to service of process
under subdivision 7 and personal jurisdiction cannot otherwise be obtained in this state, that
conduct shall be considered equivalent to an appointment of the commissioner or a successor in
office to be the attorney to receive service of any lawful process in any noncriminal suit, action, or
proceeding against that person or a successor executor or administrator which grows out of that
conduct and which is brought under sections 80A.01 to 80A.31 or any rule or order hereunder,
with the same force and validity as if served personally. Service under this section shall be made
in compliance with section 45.028, subdivision 2.
    Subd. 9. Authority to grant continuance. When process is served under this section, the
court, or the commissioner in a proceeding before the commissioner, shall order such continuance
as may be necessary to afford the defendant or respondent reasonable opportunity to defend.
History: 1973 c 451 s 27; 1978 c 674 s 60; 1986 c 444; 1992 c 564 art 2 s 10,11
NOTE: This section is repealed by Laws 2006, chapter 196, article 1, section 51, effective
August 1, 2007. Laws 2006, chapter 196, article 1, section 52.