Minnesota Statutes 85B.08 – Dissolution
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Upon dissolution of the corporation for any reason, its wholly owned assets become state property. Partially owned assets become state property to the extent that state money was used to acquire them.
Terms Used In Minnesota Statutes 85B.08
- 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