Skip to main content Skip to office menu Skip to footer
Minnesota Legislature

Office of the Revisor of Statutes

550.42 WAIVER OF AGRICULTURAL DEBTOR'S RIGHTS.
    Subdivision 1. Waiver is void. (a) A waiver of statutory rights of a debtor in a contract, loan
agreement, or security agreement as a condition for a loan of money for agricultural production is
void unless the waiver is expressly authorized by law.
(b) A waiver of mediation rights under chapter 583, the right to an offer under section
500.245, subdivision 1, or the debtor's statutory rights under chapter 580, 581, or 582 for a
mortgage on agricultural property, is void unless the waiver is expressly authorized by law.
    Subd. 2. Penalty. A person, corporation, financial institution, or other legal entity is liable to
a debtor for up to $2,500 plus attorney fees if the person or entity:
(1) requires a waiver subject to subdivision 1 in a contract, loan agreement, or security
agreement, and does not acknowledge that the waiver subject to subdivision 1 is void; or
(2) attempts to enforce a waiver that is void under subdivision 1.
History: 1987 c 396 art 3 s 1; 1997 c 126 s 6