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<br />Minnesota Statutes 2001, 118A.03 <br /> <br />substitute other collateral after giving written notice to the <br />governmental entity and receiving confirmation. The authority <br />to return any delivered and assigned collateral rests with the <br />government entity. <br /> <br />Subd. 6. Default. For purposes of this section, <br />default on the part of the financial institution includes, but <br />is not limited to, failure to make interest payments when due, <br />failure to promptly deliver upon demand all money on deposit, <br />less any early withdrawal penalty that may be required in <br />connection with the withdrawal of a time deposit, or closure of <br />the depository. It a financial institution closes, all deposits <br />shall be immediately due and payable. It shall not be a default <br />under this subdivision to require prior notice of withdrawal if <br />such notice is required as a condition of withdrawal by <br />applicable federal law or regulation. <br /> <br />Subd. 7. Safekeeping. All collateral shall be placed <br />in safekeeping in a restricted account at a Federal Reserve <br />Bank, or in an account at a trust department of a commercial <br />bank or other financial institution that is not owned or <br />controlled by the financial institution furnishing the <br />collateral. The selection shall be approved by the government <br />entity. <br /> <br />EIST, 1996 c 399 art 1 s 4 <br /> <br />Copyright 2001 by the Office of Revisor of Statutes, State of Minnesota. <br /> <br />http://www.revisor.1eg.state.mn.us/stats/118A103 .html <br /> <br />Page 2 of2 <br /> <br />. <br /> <br />9/1312002 <br />