Minnesota Statutes 385.18 – Exemption From Liability
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When any portion of the funds of a county shall be deposited by any county treasurer hereunder, such treasurer and the sureties on the treasurer’s bond shall be exempt from liability for the loss of any such deposited funds from the failure, bankruptcy, or other acts of the depository, to the extent and amount of such funds so lost then in the hands of such depository.
Terms Used In Minnesota Statutes 385.18
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.