Minnesota Statutes 317A.671 – Certain Assets Not to Be Diverted
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Except as provided in section 501B.31, when a corporation:
Terms Used In Minnesota Statutes 317A.671
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Donor: The person who makes a gift.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
(1) converts;
(2) dissolves;
(3) merges;
(4) substantially changes the use or purposes for which it will use its assets;
(5) consolidates;
(6) transfers its assets; or
(7) grants a mortgage or other security interest in its assets,
assets of the corporation or a constituent corporation or converting corporation, and assets subsequently received by a single or converted corporation after a merger or consolidation, or held by a converted organization after a conversion may not be diverted from the uses and purposes for which the assets have been received and held, or from the uses and purposes expressed or intended by the original donor.