1.1                          A bill for an act 
  1.2             relating to real property; eliminating junior creditor 
  1.3             redemption rights under certain circumstances; 
  1.4             amending Minnesota Statutes 2002, section 580.24. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  Minnesota Statutes 2002, section 580.24, is 
  1.7   amended to read: 
  1.8      580.24 [REDEMPTION BY CREDITOR.] 
  1.9      Subdivision 1.  [GENERAL.] If no such redemption be made by 
  1.10  the mortgagor, the mortgagor's personal representatives or 
  1.11  assigns, the senior creditor having a lien, legal or equitable, 
  1.12  upon the mortgaged premises, or some part thereof, subsequent to 
  1.13  the mortgage, may redeem within seven days after the expiration 
  1.14  of the redemption period determined under section 580.23 or 
  1.15  582.032, whichever is applicable; and each subsequent creditor 
  1.16  having a lien in succession, according to priority of liens, 
  1.17  within seven days after the time allowed the prior lienholder, 
  1.18  respectively, may redeem by paying the amount aforesaid and all 
  1.19  liens prior to the lienholder's own held by the person from whom 
  1.20  redemption is made; provided that no creditor shall be entitled 
  1.21  to redeem unless within the period allowed for redemption by the 
  1.22  mortgagor, the creditor file for record notice of intention to 
  1.23  redeem with the county recorder or registrar of titles of each 
  1.24  county where the mortgage is recorded.  Saturdays, Sundays, 
  1.25  legal holidays, and the first day following the expiration of 
  2.1   the prior redemption period must be included in computing the 
  2.2   seven-day redemption period.  When the last day of the period 
  2.3   falls on Saturday, Sunday, or a legal holiday, that day must be 
  2.4   omitted from the computation.  All mechanic's lienholders who 
  2.5   have coordinate liens shall have one combined seven-day period 
  2.6   to redeem.  
  2.7      Subd. 2.  [EXCEPTION.] Subdivision 1 does not apply if the 
  2.8   mortgaged premises contain the homestead of the debtor and the 
  2.9   lien arose after the foreclosure sale unless the junior lien has 
  2.10  been created to satisfy a court-ordered judgment against the 
  2.11  mortgagor.