Minnesota § 48.56 - BANKING INSTITUTION MAY USE FEDERAL BANKING LAWS
Full text of Minnesota Minnesota Statutes § 48.56 — BANKING INSTITUTION MAY USE FEDERAL BANKING LAWS, with citation guidance and answers to common questions.
§ 48.56. BANKING INSTITUTION MAY USE FEDERAL BANKING LAWS
Subdivision 1.General powers.
The board of directors of a banking institution may enter into a contract, incur an obligation, or generally do what is necessary or appropriate to make use of United States Code, title 12, section 1811, or any act or resolution of Congress enacted or resolved to aid, regulate, or safeguard banking institutions and their depositors.
Subd. 2.General rights and privileges.
Memberships, loans, subscriptions, contracts, grants, rights, or privileges that, under the act or resolution, are available to or enure to banking institutions, or their depositors, creditors, stockholders, receivers, or liquidators may be taken advantage of under this section.
Subd. 3.Purchase of FDIC securities.
The board may subscribe for and acquire securities of the Federal Deposit Insurance Corporation.
Subd. 4.Complying with FDIC requirements.
The board may comply with the corporation's requirements.
History:
(7658-7) 1935 c 319 s 2; 2000 c 427 s 7
Official Publication of the State of Minnesota
Revisor of Statutes
Source: official Minnesota text · Last verified 2026-08-27
Frequently Asked Questions About Minnesota § 48.56
What does Minnesota Statutes § 48.56 cover?
Section 48.56 ("BANKING INSTITUTION MAY USE FEDERAL BANKING LAWS") is part of the Minnesota Statutes, the codified statutory law of Minnesota. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Minnesota § 48.56?
A common citation format is "Minnesota Statutes § 48.56" (Minnesota). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Minnesota law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Minnesota official source linked on this page or consult a licensed Minnesota attorney.
How does Minnesota § 48.56 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Minnesota can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Minnesota.