§ 51A.01 Citation
§ 51A.02 Definitions
§ 51A.03 Incorporation
§ 51A.04 Organization of Mutual Associations
§ 51A.041 Organization of Capital Stock Associations
§ 51A.05 Name; Office
§ 51A.06 Conversion
§ 51A.065 Mutual and Capital Stock Conversions
§ 51A.07 Power to Reorganize, Merge, or Consolidate
§ 51A.08 Dissolution
§ 51A.09 Meetings of Members of Mutual Associations
§ 51A.10 Membership Charges Prohibited
§ 51A.11 Access to Books and Records; Communication With Members or Stockholders
§ 51A.12 Financial Statement; Mutual Associations
§ 51A.13 Directors of Mutual Associations
§ 51A.131 Directors of Capital Stock Associations
§ 51A.14 Indemnity Bonds
§ 51A.15 Transactions of Officers and Directors
§ 51A.16 Depositories
§ 51A.17 Indemnification of Officers, Directors and Employees
§ 51A.19 Records
§ 51A.20 Reserve Accounts; Surplus and Undivided Profits
§ 51A.21 Powers of Association
§ 51A.22 Savings Liability
§ 51A.23 Savings Account
§ 51A.24 Contracts for School Savings Programs
§ 51A.251 Married Persons and Minors
§ 51A.261 Deposits in Name of Minor
§ 51A.262 Multiparty Accounts
§ 51A.27 Pledge to Association of Savings Accounts in Joint Tenancy
§ 51A.28 Accounts of Administrators, Executors, Guardians, Custodians, Trustees, and Other Fiduciaries
§ 51A.29 Accounts of Incompetents
§ 51A.30 Accounts of Deceased Nonresidents
§ 51A.31 Savings Accounts as Legal Investments
§ 51A.32 Earnings
§ 51A.33 Withdrawal
§ 51A.34 Redemption
§ 51A.35 Investment in Securities
§ 51A.361 Reserves
§ 51A.37 Investment in Loans
§ 51A.38 Loan Plans
§ 51A.386 Terms and Conditions of Loans, Contracts, and Extensions of Credit
§ 51A.40 Dealing With Successors in Interest
§ 51A.41 Right to Act to Avoid Loss
§ 51A.42 Savings Associations
§ 51A.43 Supervisory Power of Commissioner
§ 51A.44 Reports and Examinations
§ 51A.45 Enforcement and Conservatorship
§ 51A.46 Receivership
§ 51A.47 Correction of Wrongdoings by Unimpaired Institution
§ 51A.48 Right to Declaratory Judgment
§ 51A.50 Federal Associations
§ 51A.51 Fees
§ 51A.52 Directors, Employees, Members, and Stockholders of Association May Acknowledge Instruments to Which It Is a Party
§ 51A.53 Powers of Federal Associations; Approval
§ 51A.54 Insolvent Associations Liquidated
§ 51A.55 Conformity
§ 51A.56 Act Controlling
§ 51A.57 Separability
§ 51A.58 Interstate Branching

Terms Used In Minnesota Statutes > Chapter 51A - Savings Associations

  • Adult: means an individual 18 years of age or older. See Minnesota Statutes 645.451
  • Annual percentage rate: The cost of credit at a yearly rate. It is calculated in a standard way, taking the average compound interest rate over the term of the loan so borrowers can compare loans. Lenders are required by law to disclose a card account's APR. Source: FDIC
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Appraisal: A determination of property value.
  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Case law: The law as laid down in cases that have been decided in the decisions of the courts.
  • Chair: includes chairman, chairwoman, and chairperson. See Minnesota Statutes 645.44
  • Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
  • Continuance: Putting off of a hearing ot trial until a later time.
  • Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. Source: OCC
  • Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Executor: A male person named in a will to carry out the decedent
  • Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
  • Fiduciary: A trustee, executor, or administrator.
  • Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. Source: OCC
  • Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances:
    • You are late making a payment or commit some other default, triggering an increase to a penalty rate
    • The bank changes the terms of your account and you do not reject the change.
    • The rate expires (if the rate was fixed for only a certain period of time).
  • Forbearance: A means of handling a delinquent loan. A
  • Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. Source: OCC
  • Fraud: Intentional deception resulting in injury to another.
  • full age: means 18 years of age or older. See Minnesota Statutes 645.451
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • Holiday: includes New Year's Day, January 1; Martin Luther King's Birthday, the third Monday in January; Washington's and Lincoln's Birthday, the third Monday in February; Memorial Day, the last Monday in May; Independence Day, July 4; Labor Day, the first Monday in September; Christopher Columbus Day, the second Monday in October; Veterans Day, November 11; Thanksgiving Day, the fourth Thursday in November; and Christmas Day, December 25; provided, when New Year's Day, January 1; or Independence Day, July 4; or Veterans Day, November 11; or Christmas Day, December 25; falls on Sunday, the following day shall be a holiday and, provided, when New Year's Day, January 1; or Independence Day, July 4; or Veterans Day, November 11; or Christmas Day, December 25; falls on Saturday, the preceding day shall be a holiday. See Minnesota Statutes 645.44
  • Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • Inter vivos: Transfer of property from one living person to another living person.
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Joint tenancy: A form of property ownership in which two or more parties hold an undivided interest in the same property that was conveyed under the same instrument at the same time. A joint tenant can sell his (her) interest but not dispose of it by will. Upon the death of a joint tenant, his (her) undivided interest is distributed among the surviving joint tenants.
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Legatee: A beneficiary of a decedent
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Majority: means with respect to an individual the period of time after the individual reaches the age of 18. See Minnesota Statutes 645.451
  • Minor: means an individual under the age of 18. See Minnesota Statutes 645.451
  • Misdemeanor: Usually a petty offense, a less serious crime than a felony, punishable by less than a year of confinement.
  • Month: means a calendar month and "year" means a calendar year, unless otherwise expressed; and "year" is equivalent to the expression "year of our Lord. See Minnesota Statutes 645.44
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Open-end credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or revolving credit.) Source: OCC
  • Oversight: Committee review of the activities of a Federal agency or program.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Personal property: All property that is not real property.
  • Plaintiff: The person who files the complaint in a civil lawsuit.
  • Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
  • Quorum: The number of legislators that must be present to do business.
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • seal: includes an impression thereof upon the paper alone, as well as an impression on a wafer, wax, or other substance thereto attached. See Minnesota Statutes 645.44
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • Statute: A law passed by a legislature.
  • Tax: means any fee, charge, exaction, or assessment imposed by a governmental entity on an individual, person, entity, transaction, good, service, or other thing. See Minnesota Statutes 645.44
  • Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
  • Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.
  • verified: when used in reference to writings, means supported by oath or affirmation. See Minnesota Statutes 645.45
  • Violate: includes failure to comply with. See Minnesota Statutes 645.44
  • Writ: A formal written command, issued from the court, requiring the performance of a specific act.