1998 Minnesota Statutes

     51A.40 Dealing with successors in interest. 

    In the case of any investment made by an association in a 
 loan secured by a mortgage on real property, including a real 
 estate loan, in the event the ownership of the real estate 
 security or any part thereof becomes vested in a person other 
 than the party or parties originally executing the security 
 instruments, and provided there is not an agreement in writing 
 to the contrary, an association may, without notice to such 
 party or parties, deal with such successor or successors in 
 interest with reference to said mortgage and the debt thereby 
 secured in the same manner as with such party or parties, and 
 may forbear to sue or may extend time for payment of or 
 otherwise modify the terms of the debt secured thereby, without 
 discharging or in any way affecting the original liability of 
 such party or parties thereunder or upon the debt thereby 
 secured.  

    HIST: 1969 c 490 s 40; 1988 c 666 s 67; 1996 c 414 art 1 s 44; 
 1997 c 157 s 67; 1998 c 260 s 1