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16B.283 TERMS OF PAYMENT.
No less than ten percent of the purchase price shall be paid at the time of sale with the
balance payable according to this section. If the purchase price of any lot or parcel is $5,000
or less, the balance shall be paid within 90 days of the date of sale. If the purchase price of
any lot or parcel is in excess of $5,000, the balance shall be paid in equal annual installments
for no more than five years, at the option of the purchaser, with principal and interest payable
annually in advance at a rate equal to the rate in effect at the time under section 549.09 on the
unpaid balance, payable to the state treasury on or before June 1 each year. Any installment of
principal or interest may be prepaid.
History: 2004 c 262 art 1 s 4

Official Publication of the State of Minnesota
Revisor of Statutes