Minnesota Session Laws - 1983, Regular Session

  

                         Laws of Minnesota 1983 

                        CHAPTER 233--S.F.No. 684
           An act relating to mortgage registry tax; providing 
          for a valid and recordable security in a variable debt 
          instrument; waiving mortgage registry tax for marriage 
          dissolution instruments; amending Minnesota Statutes 
          1982, sections 287.01, subdivision 3; 287.03; and 
          287.04.  
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
    Section 1.  Minnesota Statutes 1982, section 287.01, 
subdivision 3, is amended to read:  
    Subd. 3.  [MORTGAGE.] The word "Mortgage" means any 
instrument, including a decree of marriage dissolution or an 
instrument made pursuant to it, creating or evidencing a lien of 
any kind on such property, given or taken as security for a 
debt, notwithstanding such debt may also be secured in part by a 
lien upon personalty. 
    Sec. 2.  Minnesota Statutes 1982, section 287.03, is 
amended to read:  
    287.03 [WHAT INSTRUMENTS VALID SECURITY FOR DEBT.] 
    No instrument, other than a decree of marriage dissolution 
or an instrument made pursuant to it, relating to real estate 
shall be valid as security for any debt, unless the fact that it 
is so intended and the initial amount of such the debt are 
expressed therein in it. 
    Sec. 3.  Minnesota Statutes 1982, section 287.04, is 
amended to read:  
    287.04 [MORTGAGES EXEMPTED.] 
    A decree of marriage dissolution or an instrument made 
pursuant to it or a mortgage given to correct a misdescription 
of the mortgaged property, or to include additional security for 
the same indebtedness on which a mortgage registration tax has 
been paid, shall not be subject to the tax imposed by this 
chapter except as provided in section 287.05, subdivision 2(b).  
    Sec. 4.  [EFFECTIVE DATE.] 
    This act is effective upon final enactment.  Sections 1 and 
3 apply to all mortgages created before, on, or after the 
effective date. 
    Approved June 1, 1983