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.
History: 1987 c 292 s 1