State Ex Rel. Lord v. First National Bank of Saint Paul

PETERSON, Justice.

The issue for decision is whether Minn. Stat. § 345.53 (1980), which authorizes the state treasurer to examine the records of any holder of unclaimed property, is preempted as to national banks by virtue of 12 U.S.C. § 484 (1976), which restricts visitorial powers over national banks. We hold that the power sought to be exercised by the treasurer is not the exercise of visitorial powers and is not preempted by the federal statute.

This is an action for declaratory and in-junctive relief brought by Jim Lord, Treasurer of the State of Minnesota. He asserts authority under…