SF 475

Introduction - 83rd Legislature (2003 - 2004)

Posted on 12/15/2009 12:00 a.m.

  1.1                          A bill for an act 
  1.2             relating to mortgages; regulating foreclosures by 
  1.3             advertisement; modifying certain filing requirements; 
  1.4             amending Minnesota Statutes 2002, sections 580.24; 
  1.5             580.25. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Minnesota Statutes 2002, section 580.24, is 
  1.8   amended to read: 
  1.9      580.24 [REDEMPTION BY CREDITOR.] 
  1.10     If no such redemption be made by the mortgagor, the 
  1.11  mortgagor's personal representatives or assigns, the senior 
  1.12  creditor having a lien, legal or equitable, upon the mortgaged 
  1.13  premises, or some part thereof, subsequent to the mortgage, may 
  1.14  redeem within seven days after the expiration of the redemption 
  1.15  period determined under section 580.23 or 582.032, whichever is 
  1.16  applicable; and each subsequent creditor having a lien in 
  1.17  succession, according to priority of liens, within seven days 
  1.18  after the time allowed the prior lienholder, respectively, may 
  1.19  redeem by paying the amount aforesaid and all liens prior to the 
  1.20  lienholder's own held by the person from whom redemption is 
  1.21  made; provided that no creditor shall be entitled to redeem 
  1.22  unless within the period allowed for redemption by the 
  1.23  mortgagor, the creditor file for record notice of intention to 
  1.24  redeem with the county recorder or registrar of titles of each 
  1.25  county where the mortgage is recorded.  The creditor shall also 
  2.1   file for record the lien and any assignment necessary to 
  2.2   establish the creditor's claim.  The filing must be made no 
  2.3   later than the time the notice of intention to redeem is filed.  
  2.4   Saturdays, Sundays, legal holidays, and the first day following 
  2.5   the expiration of the prior redemption period must be included 
  2.6   in computing the seven-day redemption period.  When the last day 
  2.7   of the period falls on Saturday, Sunday, or a legal holiday, 
  2.8   that day must be omitted from the computation.  All mechanic's 
  2.9   lienholders who have coordinate liens shall have one combined 
  2.10  seven-day period to redeem.  
  2.11     Sec. 2.  Minnesota Statutes 2002, section 580.25, is 
  2.12  amended to read: 
  2.13     580.25 [REDEMPTION, HOW MADE.] 
  2.14     Redemption shall be made as follows. 
  2.15     The person desiring to redeem shall pay to the person 
  2.16  holding the right acquired under such sale, or for that person 
  2.17  to the sheriff who made the sale, or a successor in office, the 
  2.18  amount required by law for such redemption, and shall produce to 
  2.19  such person or officer: 
  2.20     (1) a copy of the docket of the judgment, or of the deed or 
  2.21  mortgage, or of the record or files evidencing any other lien 
  2.22  under which the person claims a right to redeem, certified by 
  2.23  the officer in whose custody such docket, record, or files shall 
  2.24  be, or the original deed or mortgage, with the certificate of 
  2.25  record endorsed thereon; 
  2.26     (2) any assignment necessary to establish the person's 
  2.27  claim, verified by the affidavit of that person or a subscribing 
  2.28  witness thereto, or some person acquainted with the signature of 
  2.29  the assignor.  If the redemption is under an assignment of a 
  2.30  judgment, the assignment shall be filed in the court rendering 
  2.31  the judgment, as provided by law, and the person so redeeming 
  2.32  shall produce a certified copy thereof and of the record of its 
  2.33  filing, and the copy of the docket shall show that the proper 
  2.34  entry was made upon the docket; 
  2.35     (3) an affidavit of the person or the person's agent, 
  2.36  showing the amount then actually due on the person's lien; and 
  3.1      (4) a certified copy of the notice of intention to redeem 
  3.2   prescribed in section 580.24 and a certified copy of the record 
  3.3   of its filing.  
  3.4      Within 24 hours after such redemption is made, the person 
  3.5   redeeming shall cause the documents so required to be produced 
  3.6   to be filed with the county recorder, or registrar of titles, 
  3.7   who shall be entitled to receive fees as prescribed in section 
  3.8   357.18 or 508.82.  If such redemption shall be made at any place 
  3.9   other than the county seat, it shall be sufficient forthwith to 
  3.10  deposit such documents in the nearest post office, addressed to 
  3.11  such recorder or registrar of titles, with the postage prepaid. 
  3.12     Sec. 3.  [EFFECTIVE DATE; APPLICATION.] 
  3.13     Sections 1 and 2 are effective August 1, 2003, and apply to 
  3.14  redemptions where the owner's period of redemption has not 
  3.15  expired before that date.