No bank or trust company shall pledge or hypothecate or create a lien upon or charge against any of its assets subject to a prior lien, hypothecation, or charge.
Minn. Stat. § 48.18
PLEDGES OR LIENS OF ASSETS SUBJECT TO PRIOR LIENS.
Known as the Interstate Banking Act
The act spans §§ 48–48 (81 sections).
Applied in 1 court decision — leading case Norwest Bank Minneapolis v. Rutledge (1987)
Most recently applied in Norwest Bank Minneapolis v. Rutledge (June 1987)
(7699-16) 1927 c 257 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.