Title Minnesota Statutes, Minnesota Statutes

501B.35 DEFINITIONS. § Subdivision 1.Scope. The definitions in this section apply to sections 501B.31 to 501B.45 and do not modify or abridge any law or rule respecting the nature of a charitable trust or the nature and extent of the duties of a trustee except duties imposed by s…

501B.36 REGISTRATION AND REPORTING. The registration and reporting provisions of sections 501B.37 and 501B.38 apply to a charitable trust, including an organization with a charitable purpose, that has gross assets of $25,000 or more at any time during the year, except that the pr…

501B.37 REGISTER OF TRUSTS AND TRUSTEES. § Subdivision 1.Establishment of register; transfer to attorney general. The attorney general shall establish and maintain a register of charitable trusts and trustees subject to sections 501B.33 to 501B.45. § Subd. 2.Filing of instruments…

501B.38 INFORMATION FILING. § Subdivision 1.Deadlines; extensions. A charitable trust subject to sections 501B.33 to 501B.45 must file with the attorney general a copy of its federal tax or information return, including all schedules and amendments, submitted by the charitable tr…

501B.39 PUBLIC INSPECTION OF RECORDS. The register, copies of instruments, and the reports filed with the attorney general must be open to public inspection. History: 1989 c 340 art 1 s 31

501B.40 INVESTIGATORY POWERS OF THE ATTORNEY GENERAL; CUSTODIANS TO FURNISH COPIES OF RECORDS. § Subdivision 1.Discovery. The attorney general may conduct investigations that are reasonably necessary for: (1) the administration of sections 501B.33 to 501B.45; or (2) determining w…

501B.41 BREACH OF TRUST; PROCEEDINGS TO SECURE COMPLIANCE. § Subdivision 1.Enforcement powers. The attorney general may institute appropriate proceedings to obtain compliance with sections 501B.33 to 501B.45 and the proper administration of a charitable trust. The powers and duti…

501B.42 CONTRARY PROVISIONS OF INSTRUMENT INVALID. Sections 501B.33 to 501B.45 apply regardless of contrary provisions of an instrument. History: 1989 c 340 art 1 s 34

501B.43 COST OF INVESTIGATIONS AND PROCEEDINGS; REGISTRATION AND FILING FEES. § Subdivision 1.Expenses payable. In a proceeding brought by the attorney general or in which the attorney general intervenes under sections 501B.33 to 501B.45, the judgment or order may provide that th…

501B.44 IMMUNITY OF CHARITABLE TRUSTS. A charitable trust is an "organization" for purposes of section 317A.257, and that section applies to charitable trusts. History: 1989 c 340 art 1 s 36; art 2 s 7

501B.45 SALE OF BANKS OWNED BY CHARITABLE TRUSTS. § Subdivision 1.Definitions. For the purpose of this section, "charitable trust" means a charitable trust subject to supervision by the attorney general under the Supervision of Charitable Trusts and Trustees Act, sections 501B.33…

501B.46 PETITION FOR COURT ORDER TO SELL, MORTGAGE, OR LEASE REAL PROPERTY HELD IN TRUST. (a) Except as provided in paragraph (c), if the assets of an express trust by will or other written instrument include real property in this state that the trustee is not, under the terms of…

501B.47 PETITION BY OWNER OF PRESENT OR FUTURE INTEREST FOR COURT ORDER TO SELL, MORTGAGE, OR LEASE INTERESTS IN REAL PROPERTY. Notwithstanding a contrary provision in the instrument creating the interests, when the ownership of real property situated in this state is divided int…

501B.48 WHEN PETITION MAY BE GRANTED. § Subdivision 1.Petition under section 501B.46. The court to which a petition to sell, mortgage, or lease has been made under section 501B.46 may grant the petition, on terms it considers appropriate, if the court determines that: (1) if the …

501B.49 NOTICE OF HEARING. § Subdivision 1.Hearing required. On the filing of a petition under section 501B.46 or 501B.47, the court shall, by order, fix a time and place for a hearing on the petition unless a hearing has been waived in writing. In the case of a petition under se…

501B.50 REPRESENTATION OF PERSONS WHO ARE UNBORN, UNASCERTAINED, UNKNOWN, OR MINORS OR INCAPACITATED PERSONS. If an interested person is a minor or an incapacitated person as defined in section 524.5-102, subdivision 6 or 10, or otherwise under conservatorship, and does not have …

501B.51 ORDER UPON PETITION; EXECUTION OF TRANSACTION. § Subdivision 1.Form of order; conclusiveness. At a hearing under section 501B.49, the court shall make an order it considers appropriate. If the petition is granted in whole or in part, the order must specify the real proper…

501B.52 REPORT OF AGREEMENT FOR CONFIRMATION. Before a sale, mortgage, or lease is made under an order described in section 501B.51, the trustee or receiver shall enter into an agreement for the sale, mortgage, or lease, subject to the approval of the court, and must report the a…

501B.53 ORDER OF CONFIRMATION; CONTENTS AND SUBSEQUENT PROCEDURES; DISTRIBUTION OF ASSETS. § Subdivision 1.Order to execute agreement. If an agreement reported to the court under section 501B.52 is found by the court to conform to the order described in section 501B.51, the court…

501B.54 LEGAL EFFECT OF DEED, MORTGAGE, OR LEASE MADE UNDER SECTION 501B.53. A deed, mortgage, or lease executed and delivered in accordance with an order of confirmation under section 501B.53 binds the interests of the applicant for the order and of all other persons interested …

501B.55 DATE OF CREATION OF INTERESTS AFFECTED BY THE PROCEDURES IN SECTIONS 501B.46 TO 501B.54. The procedures in sections 501B.46 to 501B.54 apply to proceedings initiated after January 1, 1990, with respect to interests created before, on, or after January 1, 1990. History: 19…