Terms Used In Minnesota Statutes 520.29

• 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.
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• state: extends to and includes the District of Columbia and the several territories. See Minnesota Statutes 645.44