HF 382 Summary

• Comprehensively rewrites Minnesota receivership law (Chapter 576) by establishing new definitions, procedures for appointment of receivers, duties of receivers and respondents, claims processes, and priority distributions to creditors and other stakeholders.

• Creates new statutory framework for assignments for the benefit of creditors (Chapter 577) that treats assignees as general receivers subject to receivership procedures, requiring written assignment to state-resident assignees, court filing, notice to creditors, and distribution according to priority claims.

• Updates Uniform Disclaimer of Property Interests Act (sections 524.2-1103 to 524.2-1116) by changing references to Internal Revenue Code section 2518 to use current definition, clarifying partial disclaimers may include specific property and beneficial trust interests, and updating real estate recording procedures.

• Conforms multiple nonprofit and entity dissolution statutes (corporations, cooperatives, limited liability companies) to reference new receivership chapter and standardized claims/priority procedures rather than entity-specific provisions.

• Renumbers absentee/missing person property management provisions from sections 576.04-576.16 to new Chapter 578 sections and repeals obsolete receivership statutes.