Minnesota § 520.01 - DEFINITIONS
Full text of Minnesota Minnesota Statutes § 520.01 — DEFINITIONS, with citation guidance and answers to common questions.
§ 520.01. DEFINITIONS
Subdivision 1.Applicability.
Unless the language or context clearly indicates that different meaning is intended, the following words, terms, and phrases, for the purposes of sections 520.01 to 520.13, shall be given the meanings subjoined to them.
Subd. 2.Bank.
"Bank" includes any person or association of persons, whether incorporated or not, carrying on the business of banking.
Subd. 3.Fiduciary.
"Fiduciary" includes a trustee under any trust, expressed, implied, resulting or constructive, executor, administrator, guardian, conservator, curator, receiver, trustee in bankruptcy, assignee for the benefit of creditors, partner, agent, officer of any corporation public or private, public officer, or any other person acting in a fiduciary capacity for any person, trust, or estate.
Subd. 4.Person.
"Person" includes a corporation, partnership, or other association, or two or more persons having a joint or common interest.
Subd. 5.Principal.
"Principal" includes any person to whom a fiduciary as such owes an obligation.
Subd. 6.In good faith.
A thing is done "in good faith" when it is done honestly, whether it be done negligently or not.
History:
Official Publication of the State of Minnesota
Revisor of Statutes
Frequently Asked Questions About Minnesota § 520.01
What does Minnesota Statutes § 520.01 cover?
Section 520.01 ("DEFINITIONS") 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 § 520.01?
A common citation format is "Minnesota Statutes § 520.01" (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 § 520.01 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.