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Minnesota Legislature

Office of the Revisor of Statutes

583.284 RETENTION OF PURCHASE MONEY SECURITY INTEREST.

If a creditor has a purchase money security interest under section 336.9-103, and renegotiates the debt under the Farmer-Lender Mediation Act to reduce the principal balance or the interest rate or to extend the repayment period, the creditor retains the purchase money security interest for the renegotiated debt.

NOTE: This section expires June 30, 2016. Section 583.215, as added by Laws 2005, chapter 107, article 2, section 55, as amended by Laws 2009, chapter 94, article 1, section 97, and Laws 2013, chapter 114, article 2, section 65.