2005 Minnesota Statutes - 47.75 — Limited trusteeship.

     47.75 Limited trusteeship. 


    Subdivision 1.    Retirement, health savings, and medical 
 savings accounts.  (a) A commercial bank, savings bank, 
 savings association, credit union, or industrial loan and thrift 
 company may act as trustee or custodian:  


    (1) under the Federal Self-Employed Individual Tax 
 Retirement Act of 1962, as amended; 


    (2) of a medical savings account under the Federal Health 
 Insurance Portability and Accountability Act of 1996, as 
 amended; 


    (3) of a health savings account under the Medicare 
 Prescription Drug, Improvement, and Modernization Act of 2003, 
 as amended; and 


    (4) under the Federal Employee Retirement Income Security 
 Act of 1974, as amended.  


    (b) The trustee or custodian may accept the trust funds if 
 the funds are invested only in savings accounts or time deposits 
 in the commercial bank, savings bank, savings association, 
 credit union, or industrial loan and thrift company.  All funds 
 held in the fiduciary capacity may be commingled by the 
 financial institution in the conduct of its business, but 
 individual records shall be maintained by the fiduciary for each 
 participant and shall show in detail all transactions engaged 
 under authority of this subdivision. 


    Subd. 2. Repealed, 1984 c 576 s 27 


    HIST: 1982 c 473 s 8; 1984 c 473 s 1; 1995 c 202 art 1 s 25; 
 1997 c 157 s 19; 2005 c 118 s 2