US Laws, Codes, Statutes & Cases

     624.68 Receiving deposit in insolvent banks or financial 
  organizations.  

    Every officer, director, agent, or employee of any banking 
 organization or financial organization as defined in section 
 345.31 and every person, company, and corporation engaged in 
 whole or in part, in business as a banking organization or 
 financial organization, who shall accept or receive on deposit 
 from any person, any money, bank bills, notes, currency, checks, 
 bills, drafts, or paper circulating as money, knowing or, in the 
 case of officers or directors, having good reason to know that 
 such banking organization or financial organization is 
 insolvent, and every person knowing of such insolvent condition 
 who shall be accessory to, or permit, or connive at the 
 accepting or receiving on deposit therein any such deposits, 
 shall be guilty of a felony and punished by imprisonment in the 
 Minnesota Correctional Facility-Stillwater for not less than one 
 year nor more than five years or by a fine of not less than $1,000 
 nor more than $20,000.  

    HIST: (10407) RL s 5118; 1965 c 356 s 1; 1971 c 25 s 96; 1979 
 c 102 s 13; 1984 c 628 art 3 s 11; 2004 c 228 art 1 s 72 

Copyright 2005 by the Office of Revisor of Statutes, State of Minnesota.