2005 Minnesota Statutes

     515B.4-110 Obligation to release liens. 

    (a) In the case of a transfer of a unit where a disclosure 
 statement is required, the declarant, before conveying the unit, 
 shall: 

    (1) record or furnish to the purchaser recordable releases 
 of all liens that the purchaser does not agree in writing to 
 take subject to or assume, that encumber: 

    (i) in a condominium, that unit and its common element 
 interest, and 

    (ii) in a cooperative or planned community, that unit and 
 any common elements; or 

    (2) if the purchaser agrees in writing, provide the 
 purchaser with a surety bond, substitute collateral or title 
 insurance assuring against loss or damage from the enforcement 
 of the lien. 

    (b) Before conveying real estate to the association, the 
 declarant shall have the real estate released from:  (1) all 
 liens the foreclosure of which would deprive unit owners of any 
 material right of access to a unit or any material easements 
 appurtenant to a unit, and (2) all other liens on that real 
 estate, unless the disclosure statement specifically states that 
 the declarant may convey the real estate to the association 
 subject to liens and discloses the maximum amount and all other 
 relevant terms of the lien. 

    HIST: 1993 c 222 art 4 s 10