2004 Minnesota Statutes

     16B.283 Terms of payment. 

    No less than ten percent of the purchase price shall be 
 paid at the time of sale with the balance payable according to 
 this section.  If the purchase price of any lot or parcel is 
 $5,000 or less, the balance shall be paid within 90 days of the 
 date of sale.  If the purchase price of any lot or parcel is in 
 excess of $5,000, the balance shall be paid in equal annual 
 installments for no more than five years, at the option of the 
 purchaser, with principal and interest payable annually in 
 advance at a rate equal to the rate in effect at the time under 
 section 549.09 on the unpaid balance, payable to the state 
 treasury on or before June 1 each year.  Any installment of 
 principal or interest may be prepaid. 

    HIST: 2004 c 262 art 1 s 4