550.366 JUDGMENTS ON DEBTS RELATED TO AGRICULTURAL PROPERTY.
Subdivision 1. Definitions.
For purposes of this section, the following terms have the
(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