Minn. Stat. § 334.06

Agreements To Share Profits; Banks For Farm Cooperatives

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Nothing in this chapter shall be construed as in any way affecting any contract whereby one party advances money to be used in business or other ventures mutually determined upon, and whereby the party receiving such money agrees to refund the same, with lawfully stipulated interest, and, in addition thereto, agrees to share, equally or otherwise, with the party so advancing the money, the profits of such business or ventures; nor shall its provisions apply to any banks for cooperatives created or operating under the Federal Farm Credit Act of 1933, as amended, which by law or contract with its borrowers operates as a cooperative.

Notes of Decisions

Cited in 3 cases, 1970–1987 · leading case: First Federal Savings & Loan Ass'n of Albert Lea v. Guildner

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First Federal Savings & Loan Ass'n of Albert Lea v. Guildner (1980) minn · cites it 4× “First Federal replied that the loan was valid because it was exempt from the operation of the usury laws under Minn.Stat. § 334.06 (1976) as a “mutual building association.”

St. Paul Bank for Cooperatives v. Ohman (1987) minnctapp · cites it 2× “Finally, the bank argues this contract is controlled by Minn.Stat. § 334.06 and 12 U.S.C. § 2205 .”

Troup v. Rozman (1970) minn · cites it 2× “Section 334.06. “This promissory note is secured by a chattel mortgage of even date herewith covering certain fixtures and equipment located at the *90 premises of Gopher Bag Company at 114 North Second Street, Minneapolis, Minnesota.”

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