2006 Minnesota Statutes

541.03 FORECLOSURE OF REAL ESTATE MORTGAGE.
    Subdivision 1. Limitation. No action or proceeding to foreclose a real estate mortgage,
whether by action or advertisement or otherwise, shall be maintained unless commenced within
15 years from the maturity of the whole of the debt secured by the mortgage, and this limitation
shall not be extended by the nonresidence of any plaintiff or defendant or any party interested in
the land upon which the mortgage is a lien in any action commenced to foreclose such mortgage,
nor by reason of any payment made after such maturity, nor by reason of any extension of the
time of payment of the mortgage or the debt or obligation thereby secured or any portion thereof,
unless such extension shall be in writing and shall have been recorded in the same office in which
the original mortgage is recorded, within the limitation period herein provided, or prior to the
expiration of any previously recorded extension of such mortgage or debt, nor by reason of any
disability of any party interested in the mortgage.
    Subd. 2. When time begins to run; commencement of proceedings. The time within
which any such action or proceeding may be commenced shall begin to run from the date of such
mortgage, unless the time of the maturity of the debt or obligation secured by such mortgage shall
be clearly stated in such mortgage. Any action or proceeding to foreclose a real estate mortgage,
whether by action, by advertisement, or otherwise, commenced within the period of limitation
herein provided, may be prosecuted to completion notwithstanding the expiration of the period of
limitation, and proceedings to foreclose a real estate mortgage by advertisement shall be deemed
commenced on the date of the first publication of the notice of sale.
History: (9188, 9189) 1909 c 181 s 1,2