Minnesota Session Laws - 1991, Regular Session

  

                         Laws of Minnesota 1991 

                         CHAPTER 4-S.F.No. 106 
           An act relating to property; permitting name or 
          identity change of corporate mortgagee or assignee of 
          mortgagee in the recital in a mortgage satisfaction or 
          release to be recorded without further evidence of 
          name or identity change; clarifying application of 
          language regulating distributions to a testamentary 
          trustee; amending Minnesota Statutes 1990, section 
          524.3-913; proposing coding for new law in Minnesota 
          Statutes, chapter 507. 
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
    Section 1.  [507.411] [SATISFACTION AND RELEASE OF 
MORTGAGES; CORPORATE NAME OR IDENTITY CHANGE.] 
    When a change in the name or identity of a corporate 
mortgagee or assignee of the mortgagee is caused by or results 
from a corporate merger, consolidation, amendment to charter or 
articles of incorporation, or conversion from federal to state 
charter or from state to federal charter, a mortgage 
satisfaction or release that is otherwise recordable and that 
specifies, in both the body and acknowledgment, the merger, 
consolidation, amendment, or conversion event causing the change 
in name or identity is in recordable form.  The satisfaction or 
release is entitled to be recorded in the office of the county 
recorder or filed with the registrar of titles, without further 
evidence of corporate merger, consolidation, amendment of 
charter or articles of incorporation, or conversion.  For 
purposes of satisfying or releasing the mortgage, the 
satisfaction or release is prima facie evidence of the facts 
stated in it with respect to the corporate merger, 
consolidation, amendment of charter or articles of 
incorporation, or conversion, and the county recorder and the 
registrar of titles shall rely upon it to satisfy or release the 
mortgage. 
    Sec. 2.  Minnesota Statutes 1990, section 524.3-913, is 
amended to read: 
    524.3-913 [DISTRIBUTIONS TO TRUSTEE.] 
    Qualification by a court of a testamentary trustee is not 
required before distributions can be made by a personal 
representative to the trustee, unless qualification is expressly 
requested by will or demanded by an interested person as follows:
    (1) by written demand delivered or mailed to the personal 
representative, or 
    (2) by petition to the court having jurisdiction over the 
probate estate.  
    If demand is made, the personal representative shall 
require proof of qualification of the trustee in a court of 
competent jurisdiction and the personal representative shall not 
make distributions to the trustee until the trustee is qualified 
by the court. 
    This section applies to all testamentary trusts without 
regard to the date of execution of the will or to the date of 
death of the testator. 
    Sec. 3.  [EFFECTIVE DATE.] 
    This act is effective the day following final enactment. 
    Presented to the governor March 6, 1991 
    Signed by the governor March 6, 1991, 4:25 p.m.