reglab/housing_qa huggingface dataset:
MN Stat § 48A.06 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 48A — Trust Companies|Section 48A.06 — Prohibited Dealings And Indebtedness.

48A.06 PROHIBITED DEALINGS AND INDEBTEDNESS. (a) A trust company shall not engage in banking, mercantile, manufacturing, or other business, unless this business is expressly authorized in this chapter. (b) A trust company shall not lend its funds, money, capital, trust funds, or other property to a director, officer, agent, or employee. (c) A director, officer, agent, or employee of a trust company shall not become indebted to it by means of an overdraft, promissory note, account, endorsement, guaranty, or any other contract. A director, officer, agent, or employee who violates this paragraph is guilty of theft of the amount of the indebtedness from the time of its creation. History:   1998 c 331 s 19
MN Stat § 48A.08 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 48A — Trust Companies|Section 48A.08 — Incidental Investments, Powers, And Limitations.

48A.08 INCIDENTAL INVESTMENTS, POWERS, AND LIMITATIONS. Subdivision 1. Qualifying organization. A trust company, or a bank that holds a certificate as provided in section 48.37, may exercise the powers and privileges set forth in this section. Subd. 2. Investment powers. (a) The bank or trust company may acquire, use, and improve, and for that purpose mortgage, lease, sell, and convey, real and personal property that is necessary for the transaction of its business. (b) The bank or trust company may sell or continue to hold and use for its interests or those of the estate or trust to which it belongs an estate or interest in real estate that the bank or trust company acquires through foreclosure of a mortgage, trust deed, or other security, or by the settlement of an obligation or otherwise in the course of its business. (c) The bank or trust company may become the purchaser at a foreclosure or judicial sale to which it is a party as trustee or otherwise. (d) The bank or trust company may accept or make a deed, mortgage, or other instrument necessary for the transaction of its business. It may loan money and secure the loans by mortgage, trust deed or pledge, and/or purchase. It may sell and assign notes, bonds, mortgages, and other evidences of indebtedness, and securities, and convert them into cash or into other authorized securities, or securities and property not expressly prohibited by this chapter. (e) The investment of funds owned by the trust company, as distinguished from funds held by it in trust, are restricted to authorized securities. (f) The bank or trust company may guarantee a title to securities sold and transferred by it. (g) The bank or trust company may become sole surety upon a bond. For trust companies organized after April 10, 1965, the bond must pertain to its own fiduciary activities. (h) The bank or trust company may maintain and operate safe deposit vaults. (i) The bank or trust company shall not invest its capital or surplus in real estate except as authorized. It shall not invest deposits, trust funds, or property except as authorized, or under or by virtue of an express contract, judgment, or other instrument conferring or imposing special power and authority so to do. Subd. 3. Powers of court; annual report to the court. The bank or trust company is subject at all times to the orders, judgments, and decrees of a court of record from which it has accepted a trust, appointment, or commission as to the trust. It shall provide to the court itemized and verified accounts, statements, and reports required by law, or as the court orders as to a particular trust. The bank or trust company is subject to the general jurisdiction and authority of the district court of the county of its principal place of business. History:   1998 c 331 s 21
MN Stat § 48A.09 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 48A — Trust Companies|Section 48A.09 — Definitions.

48A.09 DEFINITIONS. Subdivision 1. Terms. For purposes of this section and section 48A.10, the terms defined in this section have the meanings given them. Subd. 2. Affiliated bank. "Affiliated bank," with respect to another bank or a trust company, means a bank that is owned or controlled by the corporation that owns or controls that other bank or trust company, including a wholly owned subsidiary of the other bank or trust company. Subd. 3. Bank. "Bank" means a state bank permitted to exercise trust powers under sections 48.37 to 48.47, and a national bank authorized to exercise fiduciary powers under the laws of the United States, including a national bank whose operations are limited to those of a trust company and related activities. Subd. 4. Fiduciary capacity. "Fiduciary capacity" means a capacity resulting from a bank undertaking to act alone or jointly with others primarily for the benefit of another in all matters connected with its undertaking. The term includes, but is not limited to, the capacities of trustee, including trustee of a common trust fund; executor; administrator; personal representative; registrar or transfer agent with respect to stocks, bonds, or other evidences of indebtedness of a corporation, association, municipality, state or public authority; guardian of estates; conservator; receiver; escrow agent; agent for the investment of money; attorney-in-fact; or any other similar capacity. Subd. 5. Trust company. "Trust company" means a trust company incorporated under the laws of this state that is duly authorized to exercise fiduciary powers. History:   1998 c 331 s 22
MN Stat § 48A.11 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 48A — Trust Companies|Section 48A.11 — National Banks As Fiduciaries.

48A.11 NATIONAL BANKS AS FIDUCIARIES. A national bank in this state granted a special permit to act in a fiduciary capacity by either the Federal Reserve Board under subsection K of section 11 of the Federal Reserve Act, as amended by the act of September 26, 1918, or the Office of the Comptroller of the Currency under the provisions of United States Code, title 12, section 92a, may without oath or security assign, transfer to, and deposit with the commissioner, the kinds and amounts of authorized securities required by section 48A.03 of a bank or trust company in a city in which the national bank is located. If the national bank has a capital of $500,000 or more, it is not required to deposit these securities for more than the lesser of $1,000,000 or ten percent of the amount of assets the bank is acting in a fiduciary capacity for at offices located in Minnesota. The securities so deposited must be held and maintained as a guaranty fund for the national bank for the performance of its duties in this fiduciary capacity. When a national bank has complied with section 48A.03, no oath or security is required of it to accept and perform the trust, as provided in section 48A.07, subdivision 4. For purposes of this section, "bank" and "trust company" have the meanings given in section 48A.09. History:  1998 c 331 s 24; 2020 c 80 art 1 s 2
MN Stat § 48A.13 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 48A — Trust Companies|Section 48A.13 — State Trust Company Principal Office.

48A.13 STATE TRUST COMPANY PRINCIPAL OFFICE. Subdivision 1. Requirement. A state trust company must have and continuously maintain a principal office in this state. Subd. 2. Service of process. Each executive officer at the principal office is an agent of the state trust company for service of process. Subd. 3. Notice of change. A state trust company not authorized to engage in the business of banking may change its principal office to a location within this state by filing a written notice with the commissioner setting forth the name of the state trust company, the street address of its principal office before the change, the street address to which the principal office is to be changed, and a copy of the resolution adopted by the board authorizing the change. The change of principal office takes effect on the 31st day after the date the commissioner receives the notice under this subdivision, unless the commissioner establishes an earlier or later date or unless before that day the commissioner notifies the state trust company that it must establish to the satisfaction of the commissioner that the relocation is consistent with the original determination made under section 48A.02, for the establishment of a state trust company at that location, in which event the change of principal office takes effect when approved by the commissioner. History:   1998 c 331 s 26
MN Stat § 48A.14 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 48A — Trust Companies|Section 48A.14 — State Trust Institutions; Representative Trust Offices.

48A.14 STATE TRUST INSTITUTIONS; REPRESENTATIVE TRUST OFFICES. Subdivision 1. Authority. (a) A state trust institution may establish or acquire and maintain representative trust offices anywhere in this state. A state trust institution may establish or acquire and maintain the office by filing a written notice with the commissioner setting forth the name of the state trust institution and the location of the proposed additional office, together with a copy of the resolution adopted by the board authorizing the additional office, and a filing fee of $250. (b) The state trust institution may begin business at the additional office on the 31st day after the date the commissioner receives the notice, unless the commissioner specifies an earlier or later date. Subd. 2. Review by commissioner. The 30-day period of review may be extended by the commissioner on a determination that the written notice raises issues that require additional information or additional time for analysis. If the period of review is extended, the state trust institution may establish the additional office only on prior written approval by the commissioner. Subd. 3. Disapproval. The commissioner may deny approval of the additional office if the commissioner finds that the state trust institution lacks sufficient financial resources to undertake the proposed expansion without adversely affecting its safety or soundness or that the proposed office would be contrary to the public interest. History:   1998 c 331 s 27
MN Stat § 48A.16 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 48A — Trust Companies|Section 48A.16 — Detached Facilities.

48A.16 DETACHED FACILITIES. A state trust institution may establish or acquire and maintain detached facilities for the conduct of any or all of the activities permitted for a trust institution following the procedure and in compliance with sections 47.52 to 47.57. History:   1998 c 331 s 29
MN Stat § 48A.17 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 48A — Trust Companies|Section 48A.17 — Authority For Out-of-state Trust Offices; Prior Written Notice.

48A.17 AUTHORITY FOR OUT-OF-STATE TRUST OFFICES; PRIOR WRITTEN NOTICE. (a) A state trust institution may establish and maintain a new trust office or a representative trust office or acquire and maintain an office in a state other than this state. The state trust institution shall: (1) file a notice on a form prescribed by the commissioner stating the name of the state trust institution, the location of the proposed office, and whether the laws of the jurisdiction where the office will be located permit the office to be maintained by the state trust institution; (2) furnish a copy of the resolution adopted by the board authorizing the out-of-state office; and (3) pay the filing fee of $250. (b) The state trust institution may begin business at the additional office on the 31st day after the date the commissioner receives the notice, unless the commissioner specifies an earlier or later date. (c) The 30-day period of review may be extended by the commissioner if the written notice raises issues that require additional information or additional time for analysis. If the period of review is extended, the state trust institution may establish the additional office only on prior written approval by the commissioner. (d) The commissioner may deny approval of the additional office if the commissioner finds that the state trust institution lacks sufficient financial resources to undertake the proposed expansion without adversely affecting its safety or soundness or that the proposed office would be contrary to the public interest. In acting on the notice, the commissioner shall consider the views of the appropriate bank supervisory agencies. History:   1998 c 331 s 30
MN Stat § 48A.19 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 48A — Trust Companies|Section 48A.19 — Out-of-state Trust Institution Representative Trust Offices.

48A.19 OUT-OF-STATE TRUST INSTITUTION REPRESENTATIVE TRUST OFFICES. Subdivision 1. Authorization. (a) Subject to the requirements contained in this section, an out-of-state trust institution may establish and maintain representative trust offices anywhere in this state. (b) An out-of-state trust institution may establish or acquire and maintain a representative trust office in this state. An out-of-state trust institution not maintaining a trust office in this state and desiring to establish or acquire and maintain a representative trust office shall: (1) file a notice on a form prescribed by the commissioner stating the name of the out-of-state trust institution and the location of the proposed office and satisfactory evidence that it is a trust institution; (2) furnish a copy of the resolution adopted by the board authorizing the representative trust office; and (3) pay the filing fee, if any, prescribed by the commissioner. (c) The out-of-state trust institution may begin business at the representative trust office on the 31st day after the date the commissioner receives the notice, unless the commissioner specifies an earlier or later date. Subd. 2. Review by commissioner. The 30-day period of review may be extended by the commissioner on a determination that the written notice raises issues that require additional information or additional time for analysis. If the period of review is extended, the out-of-state trust institution may establish the representative trust office only on prior written approval by the commissioner. Subd. 3. Disapproval. The commissioner may deny approval of the representative trust office if the commissioner finds that the out-of-state trust institution lacks sufficient financial resources to undertake the proposed expansion without adversely affecting its safety or soundness or that the proposed office would be contrary to the public interests. In acting on the notice, the commissioner shall consider the views of the appropriate bank supervisory agencies. History:   1998 c 331 s 32
MN Stat § 48A.21 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 48A — Trust Companies|Section 48A.21 — Notice Of Subsequent Merger, Closing.

48A.21 NOTICE OF SUBSEQUENT MERGER, CLOSING. Each out-of-state trust institution that maintains an office in this state according to section 48A.18, or the home state regulator of the trust institution, shall give at least 30 days prior written notice or, in the case of an emergency transaction, shorter notice as is consistent with applicable state or federal law, to the commissioner of: (1) a merger, consolidation, or other transaction that would cause a change of control with respect to the out-of-state trust institution or any bank holding company that controls the trust institution, with the result that an application would be required to be filed pursuant to the federal Change in Bank Control Act of 1978, as amended, United States Code, title 12, section 1817(j), or the federal Bank Holding Company Act of 1956, as amended, United States Code, title 12, section 1841 et seq., or any successor statutes; (2) a transfer of all or substantially all of the trust accounts or trust assets of the out-of-state trust institution to another person; or (3) the closing or disposition of an office in this state. History:   1998 c 331 s 34
MN Stat § 48A.22 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 48A — Trust Companies|Section 48A.22 — Enforcement.

48A.22 ENFORCEMENT. Subdivision 1. General authority of commissioner. (a) Consistent with hearing provisions of sections 46.23 to 46.33, if the commissioner finds that: (1) an office maintained by an out-of-state trust institution in this state is being operated in violation of the laws of this state or in an unsafe and unsound manner; or (2) a company is engaged in an unauthorized trust activity, the commissioner may take any enforcement action the commissioner could take if the office or the company were a state trust company including, but not limited to, issuing an order temporarily or permanently prohibiting the company from engaging in a trust business in this state. (b) The commissioner may determine by order that an out-of-state trust institution engaging in or proposing to engage in a trust business in this state does not meet the requirements for establishing a representative trust office in this state according to section 48A.19, the order is effective on the date of issuance or another date the commissioner determines. Subd. 2. Immediate enforcement action; subsequent hearing. In cases involving extraordinary circumstances requiring immediate action, the commissioner may take any action permitted by subdivision 1 without notice or opportunity for hearing but shall promptly upon application of the out-of-state trust institution afford a subsequent hearing to rescind the action taken. The commissioner shall promptly give notice to the home state regulator of each enforcement action taken against an out-of-state trust institution and, to the extent practicable, shall consult and cooperate with the home state regulator in pursuing and resolving the enforcement action. History:   1998 c 331 s 35
MN Stat § 49.01 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 49 — Liquidation, Consolidation, Merger|Section 49.01 — Definitions.

49.01 DEFINITIONS. Subdivision 1. Scope. For the purposes of sections 49.01 to 49.32, the following terms shall be given the meanings subjoined to them. Subd. 2. Financial institution. "Financial institution" means and includes a bank, a savings bank, a trust company, a savings association, a credit union, and an industrial loan and thrift company. Subd. 3. Investment company. "Investment company" means any person, copartnership, association, or corporation referred to in sections 54.26 to 54.297. Subd. 4. Commissioner. "Commissioner" means the commissioner of commerce. Subd. 5. District court. "The district court," unless otherwise specifically stated, means the district court of the county in which the financial institution being liquidated had its principal place of business prior to the time the commissioner took possession of its business and assets. Subd. 6. Liquidation Division. "Liquidation Division" means the Liquidation Division of the Department of Commerce, consisting of the commissioner of commerce, a deputy, any examiner in charge of liquidation, deputy examiners, attorneys, and other employees engaged in carrying out the provisions of sections 49.01 to 49.32, and performing functions incidental thereto. Subd. 7. State bank. "State bank," for the purposes of sections 49.02 to 49.41, shall mean any bank, savings bank, trust company, or bank and trust company which is now or may hereafter be organized under the laws of this state. History:  1945 c 128 s 1 subds 1-6; 1975 c 166 s 7; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92; 1986 c 444; 1987 c 384 art 2 s 12; 1995 c 171 s 31; 1995 c 202 art 1 s 13,25
MN Stat § 49.013 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 49 — Liquidation, Consolidation, Merger|Section 49.013 — Insolvent Financial Institutions; Assignment Prohibited.

49.013 INSOLVENT FINANCIAL INSTITUTIONS; ASSIGNMENT PROHIBITED. No financial institution shall make an assignment by reason of existing or probable insolvency. Its governing board or managing officers, if satisfied that it is, or is about to become, insolvent, shall immediately report that fact to the commissioner. History:  (7682) RL s 2998; 1945 c 128 s 1 subd 7
MN Stat § 49.02 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 49 — Liquidation, Consolidation, Merger|Section 49.02 — Assessments On Stock; Stock Unpaid Or Capital Impaired.

49.02 ASSESSMENTS ON STOCK; STOCK UNPAID OR CAPITAL IMPAIRED. Subdivision 1. Grounds for assessment. Every bank or trust company which shall have failed to pay up its capital stock as required by law, or the capital of which shall have become impaired, within 90 days after receiving notice thereof from the commissioner, shall make up the deficiency by a pro rata assessment on the capital stock, to be made by the stockholders at a meeting called for that purpose, and, in case of its refusal to do so, the commissioner may proceed forthwith to take possession of its property and business and liquidate it as hereinafter provided; but, with the commissioner's consent and approval it may reduce its paid-up capital stock, as provided by law, pay in any remaining deficiency, and thereupon continue business upon the reduced capital. Subd. 2. Procedure. The directors of any bank or trust company receiving notice from the commissioner to make good an impairment of capital shall fix the time when the assessment made at the stockholders' meeting shall become due and payable, which time shall be not less than 15, nor more than 30, days after the assessment is levied. Notice of this assessment shall be mailed to each stockholder at the office address as shown by the stock books of the bank or trust company. If any stockholder shall fail to pay in cash the amount of the assessment against stock for a period of 30 days after the same shall become due and payable, the directors of the bank or trust company shall sell the same at public sale upon ten days' notice, to be given by posting copies of the notice of sale in three public places in the city, town, or community where the bank or trust company is located, or at a private sale, after giving the stockholder ten days' written notice by certified mail addressed to the post office address as shown by the stock books of the bank or trust company. Upon sale of any stock, as herein provided, the purchaser shall forthwith become liable for, and shall pay in cash, the amount of the assessment thereon. Subd. 3. Sale of stock. This stock shall not be sold for less than the amount due thereon and the expense of sale, and any excess shall be paid to the delinquent stockholder. If no bidder offers the amount due and expenses of sale, the amount previously paid on the stock shall be forfeited, and the stock sold by order of the directors within six months thereafter, or canceled and deducted from the capital of the corporation; and when, by reason of this cancellation and reduction, the capital is reduced below the minimum required by law, the deficiency shall be paid in within 30 days, or the commissioner shall take possession of the property and business of said bank or trust company and may proceed to liquidate it as hereinafter provided. History:  (7681-1, 7684, 7686) RL s 3000, 3002; 1939 c 302 s 1; 1945 c 128 s 2-4; 1978 c 674 s 60; 1986 c 444
MN Stat § 49.06 (2021)
2021 Minnesota Statutes|Chapters 46 - 59 — Banking|Chapter 49 — Liquidation, Consolidation, Merger|Section 49.06 — Consolidation During Liquidation.

49.06 CONSOLIDATION DURING LIQUIDATION. Any such financial institution in course of liquidation may, with the consent of the commissioner, consolidate with any other like financial institution, upon such terms as may be authorized by their respective boards of directors, with the consent of a majority of the stockholders, and may transfer to such financial institution its entire assets, subject to its existing liabilities. History:  (7643) RL s 2971; 1945 c 128 s 7