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550.366 Judgments on debts related to agricultural property.

Subdivision 1. Definitions. For purposes of this section, the following terms have the meanings given:

(a) Agricultural property. "Agricultural property" means personal property that is used in a farm operation.

(b) Farm debtor. "Farm debtor" means a person who has incurred debt while in the operation of a family farm, a family farm corporation, or an authorized farm corporation as defined in section 500.24, subdivision 2.

Subd. 2. Limits on execution. A judgment for the unpaid balance of a debt on agricultural property owed by a farm debtor may not be executed upon real or personal property after three years from the date the judgment was entered.

Subd. 3. Attachment to newly acquired property. A judgment for the unpaid balance of a debt on agricultural property owed by a farm debtor does not attach to real or personal property that is acquired by the farm debtor after the judgment is entered.

HIST: 1987 c 292 s 1