Minnesota Statutes
Minn. Stat. § 47.02 (2026)
"Bank" And "Savings Bank."
✓ current as of May 2026
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A "bank" is a corporation having a place of business in this state, where credits are opened by the deposit of money or currency, or the collection of the same, subject to be paid or remitted on draft, check, or order; and where money is loaned or advanced on stocks, bonds, bullion, bills of exchange, or promissory notes, and where the same are received for discount or sale. A "savings bank" is a corporation authorized to do business under chapter 50. Every "bank" or "savings bank" in this state shall at all times be under the supervision and subject to the control of the commissioner of commerce, and when so conducted the business shall be known as "banking."
Notes of Decisions
Cited in 1
case, 1962–1962 · leading case: Plunkett v. First Nat'l Bank of Austin, 115 N.W.2d 235 (Minn. 1962).
Plunkett v. First Nat'l Bank of Austin, 115 N.W.2d 235 (Minn. 1962). “65 it also states ‘* * * that it cannot conduct a banking business as defined in Section 47.02.’ When we check 47.02, we find the definition of banking business as that of a commercial savings bank or a savings bank accepting deposits.”
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