Minnesota Statutes 27.133 – Parent Company Liability
Current as of: 2023 | Check for updates
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If a farm products dealer is a subsidiary of another corporation, partnership, or association, the parent corporation, partnership, or association is liable to a seller for the amount of any unpaid claim or contract performance claim if the farm products dealer fails to pay or perform according to the terms of the contract and this chapter.
Terms Used In Minnesota Statutes 27.133
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.