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Last Updated: 12/27/2018

Levy on Securities

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The Minnesota Department of Revenue may issue a levy on your stocks, bonds, and other non-exempt publicly-traded securities to collect your debt. We will notify you if we levy your securities.  

How does it work?

On the day the investment company receives our levy, they must freeze (hold) your accounts. After 10 days, the investment company liquidates your securities up to the amount of the levy.
If your securities:
  • are worth more than what you owe, you have seven days to instruct the investment company which investment to liquidate to pay your debt in full.
  • do not equal the amount you owe, the investment company must liquidate all of them and send us the balance minus the normal commissions and fees.

Exempt Funds

Some funds may be exempt (protected) from this levy. The investment company must verify what accounts are exempt. (See Minnesota Statutes, section 550.37.)

Levy Reduction

If we reduce the amount of the levy due to a payment or adjustment, we will notify the investment company about the reduction.

Levy Release

We release the levy on securities if you prove the funds are exempt or if you file bankruptcy.