Minn. Stat. § 48A.06
This is the official text of Minn. Stat. § 48A.06, part of Minnesota’s Stat — part of the compiled statutory law of Minnesota, published by the state as "Stat." Browse the sections below, each linked to its official government source.
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§ 48A.06 PROHIBITED DEALINGS AND INDEBTEDNESS.
Official statutory text
(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.
(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.
Status: in_force · Read it on the official government site
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