2005 Minnesota Statutes

     508.491 Transfer statement for contract for deed. 

    Subdivision 1.    Definition.  In this section, 
 "transfer statement for a contract for deed" means a document 
 that: 

    (1) is a transfer statement made in compliance with section 
 336.9-619(a); and 

    (2) transfers a seller's interest in an executory contract 
 for the sale of land or of an interest in land that entitles the 
 purchaser to possession of the land.  

    Subd. 2.    Registration of statement.  A transferee 
 under a transfer statement for a contract for deed is entitled 
 to have the statement recorded as provided in section 
 336.9-619(b).  The registrar shall enter a memorial of the 
 statement on the certificate of title for the land in which the 
 debtor has a registered interest.  

    Subd. 3.    New certificate of title.  If a transferee 
 under a transfer statement for a contract for deed has become 
 the owner in fee of the land, or any part of it, the transferee 
 may have the title registered.  To do so, the transferee must 
 petition the court for a new certificate of title to the land.  
 On receiving the petition, the court shall notify the parties in 
 interest and order a new certificate issued to the petitioner.  
 The registrar shall issue a new certificate of title to the 
 land, or the part of the land, the petitioner owns, as in the 
 case of a voluntary conveyance.  

    Subd. 4.    Financing statements.  A financing statement 
 that is filed pursuant to section 336.9-502(b) need not 
 contain:  (1) the signatures of the debtor or the secured party; 
 or (2) an acknowledgment, and must be filed with the registrar, 
 and shown as a memorial on the certificate of title. 

    HIST: 2001 c 195 art 1 s 21