Minnesota Statutes
Minn. Stat. § 540.03 (2026)
Action By Assignee; Setoff Saved; Exception
✓ current as of May 2026
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If a thing in action be assigned, an action thereon by the assignee shall be without prejudice to any setoff or defense existing at the time or before notice of the assignment; but this section does not apply to negotiable paper, transferred in good faith and upon good consideration before due.
Notes of Decisions
Cited in 3
cases, 1979–1989 · leading case: Olsen-Frankman Livestock Mktg. Serv., Inc. v. Citizens Nat'l Bank of Madelia, a Corp., John Keim, D/B/A John Keim & Sons, 605 F.2d 1082 (8th Cir. 1979).
Olsen-Frankman Livestock Mktg. Serv., Inc. v. Citizens Nat'l Bank of Madelia, a Corp., John Keim, D/B/A John Keim & Sons, 605 F.2d 1082 (8th Cir. 1979). “See Minn.Stat. § 540.03 (1974) (corresponds to Rev.”
State Bank of Rose Creek v. First Bank of Austin, 320 N.W.2d 723 (Minn. 1982). “Under Minn.Stat. § 540.03 (1980) any assignment of the certificates would be subject to the right to set-off acquired before notice of such an assignment.”
Bank of Elbow Lake v. First State Bank of Ashby, 439 N.W.2d 53 (Minn. Ct. App. 1989). “Minn.Stat. § 540.03 (1988) provides that: If a'thing in action be assigned, an action thereon by the assignee shall be without prejudice to any setoff or defense existing at the time or before notice of the assignment; * * * This statute, with a history traceable to Minnesota’s…”
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