Minnesota Statutes
Minn. Stat. § 56.16 (2026)
Overages Deemed Interest
✓ text as last checked Sept. 2026 (this copy records no edition or section history)
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The payment of money, credit, goods, or things in action, as consideration for any sale or assignment of, or order for, the payment of wages, salary, commissions, or other compensation for services, whether earned or to be earned, shall, for the purposes of regulation under this chapter, be deemed a loan secured by the assignment, and the amount by which the assigned compensation exceeds the amount of the consideration actually paid shall, for the purposes of regulation under this chapter, be deemed interest or charges upon the loan from the date of the payment to the date the compensation is payable. This transaction shall be governed by, and subject to, the provisions of this chapter.
Notes of Decisions
Cited in 2
cases, 1972–1986 · leading case: United States v. Beatrice Foods Co., 344 F. Supp. 104 (D. Minn. 1972).
United States v. Beatrice Foods Co., 344 F. Supp. 104 (D. Minn. 1972). “§ 56.16, especially pages 2452-53. 5 . Of the 11 branch offices, the transfer of seven was financed by Beatrice.”
Powell v. City of Clearwater, 389 N.W.2d 206 (Minn. Ct. App. 1986). “Haydock, Minnesota Practice § 56.16 (1985). Respondent through the city clerk’s affidavit did present specific facts alleging absence of a cause of action as follows: That at all times material, applications for building permits would be submitted through me to the City of…”
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