2021 Minnesota Statutes
This is an historical version of this statute chapter. Also view the most recent published version.
17.93 PARENT COMPANY RESPONSIBILITY FOR CONTRACTS OF SUBSIDIARIES.
§
Subdivision 1.Licensing.
If a contractor is required to obtain a license to purchase agricultural commodities, the licensing authority may require the parent company of a licensee subsidiary to guarantee payment or contract performance as a condition of licensing.
§
Subd. 2.Parent company liability.
If an agricultural contractor is the subsidiary of another corporation, partnership, or association, the parent corporation, partnership, or association is liable to a seller for the amount of any unpaid claim or contract performance claim if the contractor fails to pay or perform according to the terms of the contract.
History:
Official Publication of the State of Minnesota
Revisor of Statutes