Minnesota § 55.07 - DEPOSITS, HOW KEPT; ACCOUNTS KEPT
Full text of Minnesota Minnesota Statutes § 55.07 — DEPOSITS, HOW KEPT; ACCOUNTS KEPT, with citation guidance and answers to common questions.
§ 55.07. DEPOSITS, HOW KEPT; ACCOUNTS KEPT
Subdivision 1.Vault approved by commissioner.
No person shall carry on the business of a safe deposit company as authorized by section 55.02 unless the safe deposit boxes let out or rented by it and the valuable personal property taken and received by it for safekeeping and storage are kept in a fireproof vault approved by the commissioner of commerce.
Subd. 2.Accounts.
Every licensed safe deposit company shall keep books in which shall be entered an account of all its transactions relative to the letting, renting, or leasing of its safe deposit boxes, and to the receipt of valuable personal property for safekeeping or storage.
Subd. 3.Safe deposit lease; automatic renewal.
A safe deposit lease may renew automatically at the end of the lease's term. A consumer may terminate a safe deposit lease at any time in writing or in any other manner described in the lease.
History:
(7747-7) 1933 c 340 s 7; 1945 c 114 s 7; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92; 1Sp2025 c 4 art 2 s 7
Official Publication of the State of Minnesota
Revisor of Statutes
Frequently Asked Questions About Minnesota § 55.07
What does Minnesota Statutes § 55.07 cover?
Section 55.07 ("DEPOSITS, HOW KEPT; ACCOUNTS KEPT") 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 § 55.07?
A common citation format is "Minnesota Statutes § 55.07" (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 § 55.07 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.