Notwithstanding any other law, the state is not liable for obligations of a public corporation created by statute. Upon dissolution of the public corporation, its wholly owned assets become state property. Partially owned assets become state property to the extent that state money was used to acquire them.

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Terms Used In Minnesota Statutes 15.082

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • state: extends to and includes the District of Columbia and the several territories. See Minnesota Statutes 645.44
  • Statute: A law passed by a legislature.

This section does not apply to a public corporation governed by chapter 119.