2007 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.
History: 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