SF 735

as introduced - 79th Legislature (1995 - 1996) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to contracts for deed; requiring a mortgagee 
  1.3             to provide a vendee with a copy of the notice of 
  1.4             default on contract for deed property subject to a 
  1.5             mortgage; proposing coding for new law in Minnesota 
  1.6             Statutes, chapter 559. 
  1.7   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.8      Section 1.  [559.201] [CONTRACT FOR DEED PROPERTY SUBJECT 
  1.9   TO A MORTGAGE; NOTICE OF DEFAULT.] 
  1.10     Subdivision 1.  [NOTICE OF CONTRACT FOR DEED.] A contract 
  1.11  for deed vendor or vendee shall provide a mortgagee, if any, on 
  1.12  the contract for deed property with written notice of the 
  1.13  contract for deed.  The notice shall include the vendee's name 
  1.14  and address, if different than the address of the mortgaged 
  1.15  property. 
  1.16     Subd. 2.  [NOTICE OF DEFAULT.] When a mortgagee provides a 
  1.17  mortgagor, who is also a contract for deed vendor, with notice 
  1.18  of default under section 47.20, subdivision 8, the mortgagee 
  1.19  shall also provide the contract for deed vendee with notice of 
  1.20  default.  A mortgagee may satisfy this requirement by sending a 
  1.21  copy of the notice of default by certified mail to the address 
  1.22  of the mortgaged property or to the address the vendee or vendor 
  1.23  provided to the mortgagee under subdivision 1. 
  1.24     Sec. 2.  [EFFECTIVE DATE; APPLICABILITY.] 
  1.25     Section 1 is effective August 1, 1995.