CREDIT AGREEMENTS.

513.33 CREDIT AGREEMENTS. § Subdivision 1.Definitions. For the purposes of this section, the following terms have the meanings given them: (1) "credit agreement" means an agreement to lend or forbear repayment of money, goods, or things in action, to otherwise extend credit, or to make any other financial accommodation; (2) "creditor" means a person who extends credit under a credit agreement with a debtor; (3) "debtor" means a person who obtains credit or seeks a credit agreement with a creditor or who owes money to a creditor; and (4) "signed" has the meaning specified in section 336.1-201(b)(37). § Subd. 2.Credit agreements to be in writing. A debtor may not maintain an action on a credit agreement unless the agreement is in writing, expresses consideration, sets forth the relevant terms and conditions, and is signed by the creditor and the debtor. § Subd. 3.Actions not considered agreements. (a) The following actions do not give rise to a claim that a new credit agreement is created, unless the agreement satisfies the requirements of subdivision 2: (1) the rendering of financial advice by a creditor to a debtor; (2) the consultation by a creditor with a debtor; or (3) the agreement by a creditor to take certain actions, such as entering into a new credit agreement, forbearing from exercising remedies under prior credit agreements, or extending installments due under prior credit agreements. (b) A credit agreement may not be implied from the relationship, fiduciary or otherwise, of the creditor and the debtor. History: 1985 c 245 s 1; 1991 c 329 s 1; 2004 c 162 art 3 s 10