Minnesota Session Laws - 1987, Regular Session

  

                         Laws of Minnesota 1987 

                        CHAPTER 230-H.F.No. 1207 
           An act relating to real property; altering certain 
          redemption periods; amending Minnesota Statutes 1986, 
          section 580.23, subdivision 2, and by adding a 
          subdivision.  
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
    Section 1.  Minnesota Statutes 1986, section 580.23, 
subdivision 2, is amended to read:  
    Subd. 2.  [12-MONTH REDEMPTION PERIOD.] Notwithstanding the 
provisions of subdivision 1 hereof, when lands have been sold in 
conformity with the preceding sections of this chapter the 
mortgagor, the mortgagor's personal representatives or assigns, 
within 12 months after such sale, may redeem such lands in 
accordance with the provisions of payment of subdivision 1 
thereof, if: 
    (a) (1) The mortgage was executed prior to July 1, 1967, or;
    (b) (2) The amount claimed to be due and owing as of the 
date of the notice of foreclosure sale is less than 66-2/3 
percent of the original principal amount secured by the 
mortgage; or, 
    (c) (3) The mortgage was executed prior to July 1, 1987, 
and the mortgaged premises, as of the date of the execution of 
the mortgage, exceeded ten acres in size; 
    (4) The mortgaged premises, as of the date of the execution 
of the mortgage, exceeded ten acres in size and was in 
agricultural use as defined in section 40A.02, subdivision 3; or 
    (5) The mortgaged premises, as of the date of the execution 
of the mortgage, exceeded 40 acres in size. 
     Sec. 2.  Minnesota Statutes 1986, section 580.23, is 
amended by adding a subdivision to read: 
    Subd. 3.  [AFFIDAVIT OF AGRICULTURAL USE.] An affidavit 
signed by the mortgagor and a certificate signed by the county 
assessor where the land is located stating that the mortgaged 
premises as legally described in the affidavit and certificate 
are not in agricultural use as defined in section 40A.02, 
subdivision 3, may be recorded in the office of the county 
recorder or registrar of titles where the property is located 
and are prima facie evidence of the facts contained in the 
affidavit and certificate. 
    Approved May 26, 1987