1999 Minnesota Statutes

     47.21 Laws prescribing type of security not to apply. 

    No other law in this state prescribing the nature, amount 
 or form of security or requiring security upon which loans or 
 advances of credit may be made, or prescribing or limiting 
 interest rates upon loans or advances of credit, or prescribing 
 or limiting the period for which loans or advances of credit may 
 be made, shall be deemed to apply to loans, advances of credit 
 or purchases made pursuant to section 47.20, subdivisions 1, 3 
 and 4a. 

    (1) Such institutions may invest in notes or bonds secured 
 by mortgage or trust deed insured pursuant to section 47.20, 
 subdivision 1, clause (2), and in securities issued by national 
 mortgage associations; 

    (2) The notes, bonds and other securities herein made 
 eligible for investment may be used wherever, by statute, 
 collateral is required as security for the deposit of public or 
 other funds; or deposits are required to be made with any public 
 official or department; or an investment of capital or surplus, 
 or a reserve or other fund, is required to be maintained 
 consisting of designated securities. 

    HIST: (7658-4) 1935 c 49 s 2; 1937 c 88 s 2; 1976 c 300 s 3; 
 1981 c 351 s 13