When there are proceeds of sale belonging to an unknown owner, or to a person without the state who has no representative within it, or when there are proceeds arising from the sale of property including the prior estate of a tenant for life or for years, which are paid into court or deposited with the court administrator, the same shall be invested in interest-bearing securities for the benefit of the persons entitled thereto. Except as in this chapter otherwise provided, such investment shall be made in the name of the court administrator and the court administrator's successors in office, who shall hold the same for the use and benefit of the persons interested, subject to the order of the court. The court administrator shall receive the interest and principal as it becomes due, apply and invest the same as the court may direct, file in the court administrator's office the securities taken, and keep an account of such investments and of the moneys received thereon and the disposition thereof, in a book kept for that purpose, which shall be open to inspection by all persons.
(9552) RL s 4420; 1986 c 444; 1Sp1986 c 3 art 1 s 82
Structure Minnesota Statutes
Chapters 553 - 566 — Declaratory, Corrective And Administrative Remedies
Chapter 558 — Partition Of Real Property
Section 558.01 — Partition, Sale; Who May Bring Action.
Section 558.02 — Summons; Service.
Section 558.04 — Judgment For Partition; Referees.
Section 558.05 — Dispute Between Defendants No Defense.
Section 558.06 — Duty Of Referees; Report; Expenses.
Section 558.07 — Confirmation Of Report; Final Judgment.
Section 558.08 — Persons Not Affected.
Section 558.09 — Liens, How Affected.
Section 558.10 — Costs Apportioned.
Section 558.11 — Compensation Because Of Inequality.
Section 558.12 — Indivisible Property May Be Set Off; Occupancy Assigned.
Section 558.13 — Occupant Liable To Cotenants; Trespass.
Section 558.14 — Sale May Be Ordered.
Section 558.15 — Liens; New Parties; No Sale, When.
Section 558.16 — Proceeds, How Applied.
Section 558.17 — Sale Of Real Property Under Action For Partition; Notice.
Section 558.18 — Persons Prohibited From Purchasing.
Section 558.19 — Purchase By Part Owner.
Section 558.20 — Report Of Sale.
Section 558.21 — Final Judgment On Confirming Report.
Section 558.215 — Orders, Interlocutory Judgments; Appeals.
Section 558.22 — Claims To Proceeds, How Determined.
Section 558.23 — Record And Effect Of Conveyances.
Section 558.24 — Sale Of Part; Life Estate Or For Years.
Section 558.25 — Estate For Life Or Years, May Be Set Off Or Sold.
Section 558.26 — Sum In Lieu Of Estate; Investing Proceeds; Unknown Parties.
Section 558.27 — Future Estates.
Section 558.28 — Release Of Contingent Interest.
Section 558.29 — Investment Of Proceeds.
Section 558.30 — Share Of Infant, How Paid.