Skip to main content Skip to office menu Skip to footer
Capital IconMinnesota Legislature

Office of the Revisor of Statutes

55.05 BONDS.
Before a license is issued, the applicant shall execute and file with the commissioner of
commerce a bond to the state of Minnesota in the penal sum of not less than $5,000 nor more than
$1,000,000, as fixed by the commissioner of commerce. The bond must be issued by a corporate
surety in good standing authorized to do business in this state and must secure the faithful
performance of the safe deposit company's contracts of rental or deposit and protect persons doing
business with it from the results of its negligence. The bond must enure to the benefit of any one
damaged by a breach of a rental or deposit contract or negligence. Each bond, or a substitute
like bond, approved by the commissioner of commerce shall be kept on file and maintained in
effect by the safe deposit company so long as that company continues to do business. Failure to
maintain the bond shall be grounds for revocation of the safe deposit company's license by the
commissioner of commerce. No safe deposit company shall lease a safe deposit box or receive
valuable personal property for safekeeping or storage until the bond is on file and in force.
History: (7747-5) 1933 c 340 s 5; 1945 c 114 s 5; 1982 c 473 s 24; 1983 c 289 s 114 subd 1;
1984 c 655 art 1 s 92

Official Publication of the State of Minnesota
Revisor of Statutes