The town treasurer, in the absence of negligence, shall not be liable for the loss of money deposited within the limits above specified occasioned by the closing or insolvency of a designated depository.
Minn. Stat. § 366.08
(1049-3) 1931 c 216 s 3; 1933 c 62 s 3; 1989 c 197 art 7 s 1