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Code · Minnesota · Chapter 48

48A.06 PROHIBITED DEALINGS AND INDEBTEDNESS.

108 words·~1 min read·/mn/chapter-48/48a-06

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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.
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