Minnesota Legislature
Office of the Revisor of Statutes
2007 Minnesota Statutes
This is an historical version of this statute chapter. Also view the most recent published version.
582.31 ONE ACTION ALLOWED TO ENFORCE AGRICULTURAL MORTGAGE.
(a) For a mortgage on property used in agricultural production entered into on or before
March 22, 1986, the mortgagee may only proceed to:
(1) obtain a personal judgment for the debt owed on the note secured by the mortgage and
execute on the judgment; or
(2) foreclose the mortgage and obtain a deficiency judgment, if allowed.
(b) An action under paragraph (a), either clause (1) or (2), bars an action under the other
clause.
History: 1986 c 398 art 19 s 6
(a) For a mortgage on property used in agricultural production entered into on or before
March 22, 1986, the mortgagee may only proceed to:
(1) obtain a personal judgment for the debt owed on the note secured by the mortgage and
execute on the judgment; or
(2) foreclose the mortgage and obtain a deficiency judgment, if allowed.
(b) An action under paragraph (a), either clause (1) or (2), bars an action under the other
clause.
History: 1986 c 398 art 19 s 6
Official Publication of the State of Minnesota
Revisor of Statutes