Minnesota § 47.75 - LIMITED TRUSTEESHIP
Full text of Minnesota Minnesota Statutes § 47.75 — LIMITED TRUSTEESHIP, with citation guidance and answers to common questions.
§ 47.75. LIMITED TRUSTEESHIP
Subdivision 1.Retirement, health savings, and medical savings accounts.
(a) A commercial bank, savings bank, savings association, credit union, or industrial loan and thrift company may act as trustee or custodian:
(1) under the federal Self-Employed Individuals Tax Retirement Act of 1962, as amended;
(2) of a medical savings account under the federal Health Insurance Portability and Accountability Act of 1996, as amended;
(3) of a health savings account under the Medicare Prescription Drug, Improvement, and Modernization Act of 2003, as amended; and
(4) under the federal Employee Retirement Income Security Act of 1974, as amended.
(b) The trustee or custodian may accept the trust funds if the funds are invested only in savings accounts or time deposits in the commercial bank, savings bank, savings association, credit union, or industrial loan and thrift company, except that health savings accounts may also be invested in transaction accounts. Health savings accounts invested in transaction accounts shall not be subject to the restrictions in section 48.512, subdivision 3. All funds held in the fiduciary capacity may be commingled by the financial institution in the conduct of its business, but individual records shall be maintained by the fiduciary for each participant and shall show in detail all transactions engaged under authority of this subdivision.
Subd. 2.
[Repealed, 1984 c 576 s 27]
History:
1982 c 473 s 8; 1984 c 473 s 1; 1995 c 202 art 1 s 25; 1997 c 157 s 19; 2005 c 118 s 2; 2007 c 44 s 5; 2007 c 57 art 3 s 11
Official Publication of the State of Minnesota
Revisor of Statutes
Frequently Asked Questions About Minnesota § 47.75
What does Minnesota Statutes § 47.75 cover?
Section 47.75 ("LIMITED TRUSTEESHIP") 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 § 47.75?
A common citation format is "Minnesota Statutes § 47.75" (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 § 47.75 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.