1998 Minnesota Statutes

     287.07 Mortgages to secure obligations to be issued.  

    If a mortgage is made to a mortgagee in trust to secure the 
 payment of bonds or other obligations to be issued thereafter, a 
 statement may be incorporated therein of the amount of such 
 obligations already issued or to be issued forthwith, and the 
 tax to be paid on filing such mortgage for record or 
 registration shall be computed upon the amount so stated.  Such 
 statement shall be binding and conclusive upon all persons 
 claiming through or under the mortgage, and no such obligation 
 issued in excess of the aggregate so fixed shall be valid for 
 any purpose unless the additional tax thereon be paid and the 
 receipt of the proper county treasurer therefor be endorsed 
 thereon.  

    HIST: (2325) 1907 c 328 s 4