Minnesota § 574.264 - NATURAL RESOURCE PROJECT; SECURITY
Full text of Minnesota Minnesota Statutes § 574.264 — NATURAL RESOURCE PROJECT; SECURITY, with citation guidance and answers to common questions.
§ 574.264. NATURAL RESOURCE PROJECT; SECURITY
Subdivision 1.Natural resource development projects.
In place of a performance or payment bond or bid deposit for a state contract for a natural resource development project less than $100,000, the person required to file the bond or bid deposit may deposit in a local designated state depository or with the commissioner of management and budget a certified check, a cashier's check, a postal, bank, or express money order, assignable bonds or notes of the United States, or an assignment of a bank savings account or investment certificate or an irrevocable bank letter of credit, in the same amount that would be required for the bond or bid deposit. If securities listed in this section are deposited, their value shall not be less than the amount required for the bond or bid deposit and the person required to file the bond or bid deposit shall submit an agreement authorizing the commissioner to sell or otherwise take possession of the securities in the event of default under the contract or nonpayment of any persons furnishing labor and materials under, or to perform, the contract.
Subd. 2.Claims against securities in place of bid deposits.
Securities in place of payment bonds are subject to claims as provided for other deposits in section 574.261, subdivision 2.
History:
1985 c 112 s 4; 1989 c 50 s 1; 1994 c 419 s 6; 1999 c 231 s 190; 2000 c 495 s 49; 2003 c 112 art 2 s 50; 2009 c 101 art 2 s 109
Official Publication of the State of Minnesota
Revisor of Statutes
Frequently Asked Questions About Minnesota § 574.264
What does Minnesota Statutes § 574.264 cover?
Section 574.264 ("NATURAL RESOURCE PROJECT; SECURITY") 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 § 574.264?
A common citation format is "Minnesota Statutes § 574.264" (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 § 574.264 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.