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.
Minn. Stat. § 334.06
AGREEMENTS TO SHARE PROFITS; BANKS FOR FARM COOPERATIVES.
Applied in 2 court decisions — leading case St. Paul Bank for Cooperatives v. Ohman (1987)
Most recently applied in St. Paul Bank for Cooperatives v. Ohman (March 1987)
(7041) RL s 2738; 1967 c 341 s 1; 1977 c 350 s 3
Official source: Minnesota Office of the Revisor of Statutes. Reproduced from public-domain Minnesota statutes; confirm against the official source for the current text. Not legal advice.