Minnesota § 385.07 - FUNDS, WHERE DEPOSITED OR INVESTED
Full text of Minnesota Minnesota Statutes § 385.07 — FUNDS, WHERE DEPOSITED OR INVESTED, with citation guidance and answers to common questions.
§ 385.07. FUNDS, WHERE DEPOSITED OR INVESTED
(a) All county funds shall be deposited promptly and intact by the county treasurer in the name of the county or invested as provided in section 118A.04. Interest and profits which accrue from such investment shall, when collected, be credited to the general revenue fund of the county.
(b) In addition to the authority for deposit of county funds pursuant to paragraph (a), the county treasurer may deposit county funds in a designated depository in accordance with the following conditions:
(1) The designated depository is authorized by the county treasurer to (i) arrange for the redeposit of the funds into deposit accounts in one or more banks, savings and loan associations, or credit unions that are located in the United States, and (ii) serve as custodian for the county with respect to the funds redeposited into such accounts.
(2) The full amount of the redeposited county funds, plus accrued interest, if any, must be insured by the Federal Deposit Insurance Corporation or the National Credit Union Share Insurance Fund. Any entity serving as subcustodian for the designated depository shall have had at least five years of general custodial experience.
History:
(846) RL s 500; 1907 c 352 s 1; 1945 c 559 s 1; 1947 c 29 s 1; 1959 c 531 s 1; 1965 c 278 s 1; 1965 c 300 s 2; 1967 c 409 s 3; 1969 c 527 s 1; 1978 c 678 s 2; 1980 c 486 s 2; 1985 c 204 s 1; 1996 c 399 art 2 s 4; 2012 c 209 s 3
Official Publication of the State of Minnesota
Revisor of Statutes
Source: official Minnesota text · Last verified 2026-08-27
Frequently Asked Questions About Minnesota § 385.07
What does Minnesota Statutes § 385.07 cover?
Section 385.07 ("FUNDS, WHERE DEPOSITED OR INVESTED") 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 § 385.07?
A common citation format is "Minnesota Statutes § 385.07" (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 § 385.07 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.