Minnesota § 49.07 - REORGANIZATION DURING LIQUIDATION
Full text of Minnesota Minnesota Statutes § 49.07 — REORGANIZATION DURING LIQUIDATION, with citation guidance and answers to common questions.
§ 49.07. REORGANIZATION DURING LIQUIDATION
Subdivision 1.Plan.
When the commissioner, with a view to restoring the solvency of any bank or trust company of which the commissioner has taken charge pursuant to law, shall approve a reorganization plan entered into between the depositors and unsecured creditors of such bank or trust company and the bank or trust company or reorganizers thereof which represent 90 percent of the amount of deposits and unsecured claims of the bank or trust company, then and in such case all other depositors and unsecured creditors shall be held to be subject to this agreement to the same extent and with the same effect as if they had joined in the execution thereof, and their claims shall be treated in all respects as if they had joined in the execution of the articles or reorganization plan in the event of restoration of the bank or trust company to solvency, and the reopening of the same for business.
Subd. 2.Deposits.
All deposits made in any state bank or trust company subsequent to the passage of Laws 1925, chapter 38, shall be subject to the provisions of this section.
Subd. 3.Deposits exempt.
Deposits of the state, counties, cities, towns and school districts are exempt from the operation of this section.
History:
(7690-1, 7690-2, 7690-3) 1925 c 38 s 1-3; 1945 c 128 s 8; 1973 c 123 art 5 s 7; 1986 c 444
Official Publication of the State of Minnesota
Revisor of Statutes
Frequently Asked Questions About Minnesota § 49.07
What does Minnesota Statutes § 49.07 cover?
Section 49.07 ("REORGANIZATION DURING LIQUIDATION") 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 § 49.07?
A common citation format is "Minnesota Statutes § 49.07" (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 § 49.07 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.