reglab/housing_qa huggingface dataset:
MN Stat § 48.28 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 48 — Banks|Section 48.28 — Liquidation, Unless Deposits Are Reduced.

48.28 LIQUIDATION, UNLESS DEPOSITS ARE REDUCED. If any such bank or trust company shall violate the provisions of Minnesota Statutes 1945, section 48.27, as amended, the commissioner of commerce may take possession thereof and liquidate such corporation in accordance with law, unless said bank or trust company shall within 90 days after notice from the commissioner of commerce reduce its deposits to the amount allowed by law or increase its capital stock accordingly. History:  (7699-13) 1927 c 325 s 2; 1943 c 342 s 1; 1945 c 73 s 2; 1947 c 11 s 2; 1949 c 24 s 2; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92
MN Stat § 48.30 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 48 — Banks|Section 48.30 — Deposits In Name Of Minor.

48.30 DEPOSITS IN NAME OF MINOR. Any deposit made in the name of a minor, shall be held for the exclusive right and benefit of the minor, free from the control or lien of all other persons, except creditors, and, together with the dividends or interest thereon, shall be paid to the minor, and the minor's receipt, check, or acquittance in any form shall be a sufficient release and discharge of the depository for the deposit, or any part thereof, until a conservator or guardian appointed for the minor shall have delivered a certificate of appointment to the depository. History:  (7711) RL s 3019; 1907 c 468 s 6; 1985 c 292 s 1
MN Stat § 48.301 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 48 — Banks|Section 48.301 — Multiparty Accounts.

48.301 MULTIPARTY ACCOUNTS. When any deposit is made in the names of two or more persons jointly, or by any person payable on death (P.O.D.) to another, or by any person in trust for another, the rights of the parties and the financial institution are determined by chapter 524. History:  1985 c 292 s 2; 1996 c 305 art 1 s 15; 1996 c 414 art 1 s 16
MN Stat § 48.31 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 48 — Banks|Section 48.31 — State Banks Organized From National Banks.

48.31 STATE BANKS ORGANIZED FROM NATIONAL BANKS. When any national bank authorized to dissolve has taken the necessary steps for that purpose, a majority of its directors, upon authority, in writing, of the owners of two-thirds of the capital stock and the approval of the commissioner, may execute a certificate of incorporation under the provisions of this chapter, which, in addition to the other requirements of law, shall state the authority derived from the stockholders of the national bank; and, upon recording and publishing this certificate, as provided by law, it shall become a legal state bank. Thereupon the assets, real and personal, of the dissolved bank, subject to its liabilities not liquidated under the federal law before this incorporation, shall vest in and become the property of the state bank. History:  (7695) RL s 3006
MN Stat § 48.32 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 48 — Banks|Section 48.32 — State Banks Or Trust Companies May Be Members Of Federal Reserve Banks.

48.32 STATE BANKS OR TRUST COMPANIES MAY BE MEMBERS OF FEDERAL RESERVE BANKS. Any incorporated state bank or trust company may become a member of the Federal Reserve Bank of the Federal Reserve district in which the bank or trust company is located, and may invest in and hold stock therein. History:  (7649) 1915 c 28 s 1
MN Stat § 48.33 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 48 — Banks|Section 48.33 — Execution Of Trust.

48.33 EXECUTION OF TRUST. When any state bank shall reorganize as a national bank, this national bank shall be regarded as continuing the existence of the state bank, and any officer of the bank elected to a corresponding office in this national bank shall be regarded as holding over as such state bank officer, for the purpose of carrying out any duty or trust reposed in the person holding such office or a successor in the state bank as personal representative of a will or trustee of any trust; and successors in office in the national bank shall be regarded as that person's successors in office in such state bank for the purpose of executing such will or performing such trust; and the personal representative of any will, or any trustee thereunder, who by such will has been directed or recommended to deposit the money of such estate or trust in this state bank, may deposit the same in the national bank under the same conditions as that person might have deposited them in the state bank, and with the same immunity from responsibility for its safety. History:  (7696) RL s 3007; 1986 c 444; 1999 c 171 s 5
MN Stat § 48.35 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 48 — Banks|Section 48.35 — Clearinghouses.

48.35 CLEARINGHOUSES. Clearinghouses may make and enforce suitable provisions for effecting, at one place, daily exchanges and the settlement and adjustment of accounts between banks in the same locality and, under appropriate rules, may issue clearinghouse certificates for those purposes only, and may otherwise act in maintaining and enforcing uniformity of methods and harmonious action in banking business. History:  (7697) RL s 3008; 1985 c 248 s 70
MN Stat § 48.36 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 48 — Banks|Section 48.36 — Application.

48.36 APPLICATION. Subdivision 1. State bank to acquire trust authority. Any state bank having a capital and surplus of not less than $500,000 may exercise the powers and privileges conferred by sections 48A.07 and 48A.08, in addition to all other powers granted by law, upon complying with the conditions and requirements of those sections, and receiving the approval of the commissioner of commerce, who may grant or reject, in the commissioner's judgment, the application of any bank to acquire trust authority, and in doing so shall take into consideration the following factors: (1) the needs of the community for trust service of the kind applied for and the probable volume of such trust business available to the bank; (2) the general condition of the bank, particularly the adequacy of its net capital and surplus funds in relation to the character and condition of its assets and to its deposit liabilities and other corporate responsibilities, including the proposed exercise of trust powers; (3) the general character and ability of the management of the bank; (4) the nature of the supervision to be given to the proposed trust activities, including the qualifications and experience of the members of the proposed trust investment committee; (5) the qualifications, experience, and character of the proposed executive officer or officers of the trust department; (6) whether the bank has available competent legal counsel to advise and pass upon trust matters whenever necessary; and (7) any other facts and circumstances that seem proper. Subd. 2. Filing fee. The application required under subdivision 1 shall be in the form prescribed by the commissioner and shall be accompanied with a $250 filing fee, which shall be deposited into the general fund. History:  (7662) 1923 c 274 s 2; 1959 c 88 s 12; 1965 c 171 s 18; 1977 c 272 s 9; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92; 1986 c 444; 1998 c 331 s 4
MN Stat § 48.37 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 48 — Banks|Section 48.37 — Certificates From Commissioner.

48.37 CERTIFICATES FROM COMMISSIONER. In order to exercise the powers herein conferred, any such bank shall invest and keep invested in one or more of the first, second, third, fourth, seventh, and eighth classes of authorized securities, at least 25 percent of its capital, which securities in the amounts above provided shall be duly assigned, transferred to, and deposited with the commissioner provided, however, that no bank and trust shall be required to deposit securities in excess of $1,000,000, and shall be maintained unimpaired as a guaranty fund for the integrity of its trusts and for the faithful discharge of its duties, in connection therewith, with the right to the bank to collect the income thereof and to substitute other like authorized securities of equal amount and value. The commissioner shall carefully examine the securities offered for deposit and, if they comply with all the provisions of law applicable thereto, and, if the bank making such deposit shall possess the qualifications stated in section 48.36, shall issue to the bank a certificate stating that it is qualified to exercise the powers herein conferred, and, upon the issuance of this certificate and while the same remains in force, the bank may exercise the powers and privileges conferred by sections 48A.07 and 48A.08. In case of any increase in the capital of any bank which has qualified hereunder, this certificate shall be and become revoked and the bank shall not thereafter exercise the powers herein conferred until it shall have deposited the required proportion of its capital in authorized securities and received a new certificate that it is qualified hereunder. History:  (7662) 1923 c 274 s 2; 1977 c 272 s 10; 1986 c 444; 1998 c 331 s 5
MN Stat § 48.39 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 48 — Banks|Section 48.39 — Trust Accounts Recorded.

48.39 TRUST ACCOUNTS RECORDED. Besides its general books of account, it shall keep separate books of account for all fiduciary accounts. All funds and property held by it in a fiduciary capacity shall at all times be kept separate from its own funds and property, and all fiduciary funds deposited or held as fiduciary by the bank awaiting investment shall be carried in a separate account, and shall not be used by the bank in the conduct of its business, unless the bank, under authorization by its board of directors, first delivers to the commissioner of commerce, as collateral security: (1) bonds, notes, bills, certificates of indebtedness or other direct obligations of the United States or its instrumentalities, or obligations fully guaranteed by the United States as to principal and interest; or (2) other readily marketable securities of the classes in which said trust companies or state banks exercising trust powers are authorized or permitted to invest trust funds under the laws of this state. The securities so deposited as collateral shall be owned by the bank and shall at all times be at least equal in market value to the amount of the trust funds so used in the conduct of the bank's business, and all deposits made by it of such funds in any other banking institutions shall be deposited as fiduciary funds, to its credit as fiduciary, and not otherwise. Every security or property in which the funds held by it as trustee, personal representative, guardian, conservator, receiver, or assignee, or in any other fiduciary capacity are invested, shall at once upon receipt thereof be immediately entered in the proper books as belonging to the particular fiduciary account whose funds have been invested therein. Any change in such investment shall be fully specified in and under the account of the particular fiduciary account to which it belongs so that all fiduciary funds and property can be readily identified at any time by any person. It shall be unlawful for any bank to lend any officer, director or employee any funds held as fiduciary under the powers conferred by section 48.37. Any officer, director or employee to whom such a loan is made shall be guilty of theft of the amount of such loan from the time of the making thereof. Any state bank, when acting in a fiduciary capacity, either alone or jointly with an individual or individuals, may, with the consent of such individual fiduciary or fiduciaries, who are hereby authorized to give such consent, cause any stocks, securities, or other property now held or hereafter acquired in such capacity to be registered and held in the name of a nominee or nominees of such state bank without mention of the fiduciary relationship. Any such state bank shall be liable for any loss occasioned by the acts of any of its nominees with respect to such stocks, securities or other property so registered. History:  (7664) 1923 c 274 s 4; 1943 c 338 s 1; 1957 c 311 s 1; 1965 c 35 s 2; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92; 1998 c 331 s 6; 1999 c 171 s 5
MN Stat § 48.40 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 48 — Banks|Section 48.40 — Subject To Orders Of Court.

48.40 SUBJECT TO ORDERS OF COURT. Every such bank shall be subject at all times to the orders of any court from which it shall have accepted any trust or appointment and shall render to the court such itemized and verified accounts and reports as may be required by law or the court. In addition to other reports required by law, it shall render to the commissioner, at such times as the commissioner may direct, full and itemized reports of investments, trust funds, and other business performed under the provisions hereof, and a condensed statement of the report, either separately stated or consolidated with the other reports required of it by law, shall be published as required by law. History:  (7665) 1923 c 274 s 5; 1986 c 444
MN Stat § 48.41 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 48 — Banks|Section 48.41 — Corporate Name.

48.41 CORPORATE NAME. Any such bank which has qualified and obtained a certificate, as provided in section 48.37, may use in its corporate name or title, in addition to the word "bank" or other words now permitted by law, the words "trust" or "trust company," and may display and make use of signs, symbols, tokens, letterheads, cards, circulars and advertisements stating or indicating that it is authorized to transact the business authorized by said sections, and any such bank using the words "trust" or "trust company" is not required to use the word "state" in its corporate name. History:  (7666) 1923 c 274 s 6; 1998 c 331 s 7
MN Stat § 48.42 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 48 — Banks|Section 48.42 — Bank May Be Designated As Savings Bank.

48.42 BANK MAY BE DESIGNATED AS SAVINGS BANK. Any state bank which has qualified under section 48.37 and obtained the certificate therein provided, and which has established and maintains a savings department, may use in its name or title, in addition to other words permitted by law, the words "savings" or "savings bank." Savings deposits received by any such state bank using the words "savings" or "savings bank" in its corporate name or title, shall be invested only in authorized securities, as defined by law, and the bank shall keep in hand at all times, in addition to the securities required to be deposited under the provisions of section 48.37, such securities as deposits in savings banks may be invested in to an amount at least equal to the savings deposits, and these securities to the amount of these deposits shall be representative of and the fund for and applicable first and exclusively to the payment of the savings deposits. Deposits received by the bank subject to its right to require notice of withdrawal evidenced by pass books, shall be deemed savings deposits. History:  (7667) 1923 c 274 s 7; 1998 c 331 s 8
MN Stat § 48.43 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 48 — Banks|Section 48.43 — Bank May Cease Operations; Duties Of Commissioner.

48.43 BANK MAY CEASE OPERATIONS; DUTIES OF COMMISSIONER. Any state bank which has qualified hereunder may at any time notify the commissioner, in writing, that it intends to cease to operate under the provisions of section 48.37, and thereupon the certificate issued to it, as provided in section 48.37, shall be canceled and revoked, and the bank shall thereafter exercise no power or privilege except those permitted to state banks which have not qualified hereunder, and the securities deposited with the commissioner, as provided in section 48.37, shall forthwith be reassigned and returned to the bank; provided, that no part of the deposited securities shall be so returned until the bank shall have eliminated from its corporate name the words "trust," "trust company," or "savings," nor until it has ceased to hold any trust or trust office authorized by section 48.37, nor until all its accounts in any such trust shall have been settled and allowed and all property held in trust by it delivered to the persons entitled thereto, nor until all liabilities incurred by it as trustee, agent, or otherwise, under the provisions of section 48.37, and which it could not have incurred unless qualified thereunder, shall have been discharged; provided, further, that if the amount of all these liabilities, or the maximum limit thereof, has been or can be definitely ascertained, the commissioner may retain only such part of the deposited securities as shall be at least equal to and as shall be in the commissioner's opinion sufficient to liquidate the same. If any such bank so surrendering its powers hereunder shall have heretofore used the word "savings" in its corporate name, the provisions of section 48.42, relating to the investment of savings deposits and the rights of such depositors, shall remain operative as to all savings deposits on hand at the date of surrendering such certificate and until the savings deposits shall have been paid to the persons entitled thereto. History:  (7668) 1923 c 274 s 8; 1986 c 444; 1998 c 331 s 9
MN Stat § 48.44 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 48 — Banks|Section 48.44 — Bank May Organize As Trust Company.

48.44 BANK MAY ORGANIZE AS TRUST COMPANY. Hereafter state banks which may be organized in the manner now provided by law may be organized with the additional authority to exercise the fiduciary powers and privileges set out in sections 48A.07 and 48A.08; provided, that the capital and surplus of any such bank shall not be less than $500,000. History:  (7661-1) 1931 c 267 s 1; 1969 c 772 s 5; 1977 c 272 s 11; 1998 c 331 s 10
MN Stat § 48.45 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 48 — Banks|Section 48.45 — Corporate Names.

48.45 CORPORATE NAMES. A bank with the additional authority provided for in sections 48A.07 and 48A.08 may be organized with a corporate name which may include the words "trust" or "trust company," in addition to the word "bank" or other words now permitted by law, and the word "state" shall not be a required part of the corporate name of any such state bank. History:  (7661-2) 1931 c 267 s 2; 1998 c 331 s 11
MN Stat § 48.46 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 48 — Banks|Section 48.46 — Authorized Securities Purchased.

48.46 AUTHORIZED SECURITIES PURCHASED. No state bank hereafter organized with authority to exercise fiduciary powers pursuant to the provisions of sections 48A.07 and 48A.08, the corporate name of which contains the words "trust" or "trust company," shall transact any banking or trust company business until it shall have invested in and assigned, transferred to, and deposited with the commissioner the authorized securities described in and required by section 48.37, relating to the authorization of existing state banks to exercise such fiduciary powers, and until the commissioner of commerce has issued the certificate provided by section 47.16, and a certificate stating that such bank is qualified to exercise the fiduciary powers set forth in sections 48A.07 and 48A.08. History:  (7661-3) 1931 c 267 s 3; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92; 1998 c 331 s 12
MN Stat § 48.47 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 48 — Banks|Section 48.47 — Banking And Trust Company Business.

48.47 BANKING AND TRUST COMPANY BUSINESS. After the application of the corporation shall have been favorably acted on by the department in compliance with sections 46.041 to 46.044, and upon compliance with the terms hereof and the issuance of such certificates, the bank may commence the transaction of banking and trust company business and may exercise, in addition to all the powers and privileges conferred by law on state banks, the powers and privileges set forth in sections 48A.07 and 48A.08, and the bank shall thereafter comply with and be subject to all of the provisions of law relating to state banks exercising such fiduciary powers and privileges. History:  (7661-4) 1931 c 267 s 4; 1994 c 382 s 6; 1998 c 331 s 13
MN Stat § 48.48 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 48 — Banks|Section 48.48 — Reports To Commissioner.

48.48 REPORTS TO COMMISSIONER. Subdivision 1. Submission and publication. At least four times in each year, and at any other time when so requested by the commissioner, every bank or trust company shall, within 30 days of the date of notice, make and transmit to the commissioner or to the commissioner's designee, in a form the commissioner prescribes, a report, attested to in the official minutes of its directors, stating in detail, under appropriate heads, as required by the commissioner, its assets and liabilities at the close of business on the day specified in the request. The commissioner may accept a report made to a federal authority having supervision of banks or trust companies in fulfilling this requirement. That portion of the report constituting the statement of assets, liabilities, and capital and statement of income and expenses must be made available to the public within 45 days of the notice at every location of the bank or trust company including detached facilities and trust service offices. Subd. 2. Penalties for late submission. For failure to send these reports to the commissioner or to the commissioner's designee in the time specified, a bank or trust company shall forfeit to the state the sum of $25 for each day of delay and shall pay the accumulated sum to the commissioner upon a formal demand for payment by the commissioner. If it appears that a report was transmitted by a bank or trust company on or before the end of the 30-day period, the commissioner shall waive any forfeit. In the event it does not appear that a report was timely transmitted, the commissioner may nevertheless waive forfeit upon a showing by the bank or trust company to the satisfaction of the commissioner that failure to send the reports was the result of causes beyond the control of the bank or trust company. History:  (7674) RL s 2990; 1949 c 35 s 1; 1951 c 65 s 1; 1961 c 298 s 3; 1963 c 153 s 8; 1979 c 98 s 1; 1981 c 220 s 11; 1982 c 473 s 13; 1984 c 543 s 2; 1984 c 576 s 14,15; 1986 c 444; 1989 c 166 s 7; 1995 c 202 art 2 s 16,17
MN Stat § 48.49 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 48 — Banks|Section 48.49 — Books To Be Kept.

48.49 BOOKS TO BE KEPT. Every such bank shall open and keep such books and accounts as the commissioner may prescribe, for the purpose of keeping accurate and convenient records of its transactions. History:  (7675) RL s 2991; 1995 c 202 art 2 s 18
MN Stat § 48.513 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 48 — Banks|Section 48.513 — Financial Intermediary Fees.

48.513 FINANCIAL INTERMEDIARY FEES. A financial intermediary may charge a fee for the assembly, production, and copying of records requested under chapter 13A, not to exceed the schedule established from time to time by the Federal Reserve System under Regulation S, Code of Federal Regulations, title 12, part 219, except that a fee may not be imposed if the records are requested by a law enforcement agency or prosecuting authority. This section does not apply to requests made under section 609.535. For purposes of this section, "financial intermediary" has the meaning given in section 48.512, subdivision 1. History:   1991 c 256 s 7