Minnesota Statutes 48.033 – State Banks, Liability of Shareholders

Current as of: 2023 | Check for updates | Other versions

Notwithstanding sections 48.03 and 49.24, any shareholder of a state bank whose deposits are not insured by the Federal Deposit Insurance Corporation, shall be personally liable for the debts of said bank to the extent of the par value of the shares held by the shareholder.

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Terms Used In Minnesota Statutes 48.033

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

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