2006 Minnesota Statutes

513.33 CREDIT AGREEMENTS.
    Subdivision 1. Definitions. For the purposes of this section, the following terms have the
meanings given them:
(1) "credit agreement" means an agreement to lend or forbear repayment of money, goods, or
things in action, to otherwise extend credit, or to make any other financial accommodation;
(2) "creditor" means a person who extends credit under a credit agreement with a debtor;
(3) "debtor" means a person who obtains credit or seeks a credit agreement with a creditor or
who owes money to a creditor; and
(4) "signed" has the meaning specified in section 336.1-201(b)(37).
    Subd. 2. Credit agreements to be in writing. A debtor may not maintain an action on
a credit agreement unless the agreement is in writing, expresses consideration, sets forth the
relevant terms and conditions, and is signed by the creditor and the debtor.
    Subd. 3. Actions not considered agreements. (a) The following actions do not give rise to a
claim that a new credit agreement is created, unless the agreement satisfies the requirements of
subdivision 2:
(1) the rendering of financial advice by a creditor to a debtor;
(2) the consultation by a creditor with a debtor; or
(3) the agreement by a creditor to take certain actions, such as entering into a new credit
agreement, forbearing from exercising remedies under prior credit agreements, or extending
installments due under prior credit agreements.
(b) A credit agreement may not be implied from the relationship, fiduciary or otherwise, of
the creditor and the debtor.
History: 1985 c 245 s 1; 1991 c 329 s 1; 2004 c 162 art 3 s 10