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HF 2763

1st Engrossment - 87th Legislature (2011 - 2012) Posted on 04/02/2012 11:57am

KEY: stricken = removed, old language.
underscored = added, new language.

Current Version - 1st Engrossment

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A bill for an act
relating to real property; registered land; providing for registration for time share
interests; amending Minnesota Statutes 2010, sections 508.58, subdivision 2,
by adding subdivisions.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2010, section 508.58, subdivision 2, is amended to read:


Subd. 2.

Examiner of titles directivenew text begin; foreclosure by actionnew text end.

Any person who
has become the owner in fee of registered land, or any part of the land, pursuant to a
mortgage foreclosure by action under chapter 581 is entitled to a new certificate of title
for the land described in the sheriff's certificate of sale or so much of the land as may be
described in the certificate of title, after the redemption period expires. The registrar shall
enter the new certificate of title only pursuant to the court order provided in subdivision
1 or upon the written directive of the examiner of titles as to the legal sufficiency of
the mortgage foreclosure proceeding. The directive of the examiner of titles also must
specify the instruments the registrar shall omit from the new certificate of title by virtue
of the foreclosure.

deleted text begin At the request of a registered owner or other person in interest, the examiner of
titles by a written directive may direct the registrar of titles to show by memorial on the
certificate of title that a contract for the conveyance of a time share interest, as defined
in section 515B.1-103(32), has been terminated in accordance with chapter 559. The
directive also must specify the instruments the registrar shall omit from the next certificate
of title because of the cancellation.
deleted text end

Sec. 2.

Minnesota Statutes 2010, section 508.58, is amended by adding a subdivision
to read:


new text begin Subd. 3. new text end

new text begin Examiner of titles directive; cancellation of contract for conveyance
of time share interest.
new text end

new text begin At the request of a registered owner or other person in interest,
the examiner of titles by a written directive may direct the registrar of titles to show by
memorial on the certificate of title that a contract for the conveyance of a time share
interest, as defined in section 515B.1-103(34), has been terminated in accordance with
chapter 559. The directive also must specify the instruments the registrar shall omit from
the next certificate of title because of the cancellation.
new text end

Sec. 3.

Minnesota Statutes 2010, section 508.58, is amended by adding a subdivision
to read:


new text begin Subd. 4. new text end

new text begin Examiner of titles directive; foreclosure of time share interest. new text end

new text begin (a) The
procedures under this subdivision are limited to a time share interest in fee title that:
new text end

new text begin (1) consists of not more than seven days in length in any year; and
new text end

new text begin (2) is located within a county in which, upon the written recommendation of the
county registrar of titles, the county board of commissioners has authorized, by resolution,
the examiner of titles to issue directives for entry of a new certificate of title to a time share
interest in the manner provided in paragraphs (b) and (c).
new text end

new text begin (b) Upon expiration of the time allowed for redemption, any person who has become
the owner in fee of a time share interest, as defined in paragraph (a), or a portion thereof,
by a foreclosure of a mortgage or lien upon the time share interest, or any part thereof,
may apply to the examiner of titles, for an examiner's directive directing the entry of a
new certificate of title in the time share interest, or portion thereof.
new text end

new text begin (c) Upon evidence submitted by the applicant, as the examiner may require and
deem appropriate, the examiner shall determine the legal sufficiency of the foreclosure. If,
in the opinion of the examiner, the evidence submitted is legally sufficient for foreclosure,
the examiner shall issue a directive to the registrar to issue a new certificate of title for
the interest. The directive of the examiner also must specify the instruments the registrar
shall omit from the new certificate of title by virtue of the foreclosure. If the examiner
of titles will not issue a directive pursuant to an application under this subdivision, the
person may proceed under subdivision 1.
new text end