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507.412 SATISFACTION OR RELEASE BY FEWER THAN ALL MORTGAGEES.
A real estate mortgage securing an undivided debt owned by more than one mortgagee or
assignee, including joint tenants, may be satisfied or released by an instrument executed by any
one of the mortgagees or assigns unless the mortgage specifically states otherwise. The debt is
presumed to be undivided unless the mortgage specifically states otherwise. This section does
not affect the rights or liabilities of the holders of the debt secured by the mortgage as among
themselves. Unless the mortgage specifically states otherwise, this section does not permit fewer
than all of the holders of a mortgage to assign, amend, extend, or foreclose the mortgage, or to
discharge the secured debt, as distinguished from satisfying or releasing the mortgage.
History: 1992 c 463 s 2

Official Publication of the State of Minnesota
Revisor of Statutes