Section 582.26 — Mortgage Foreclosure Sales By Action Legalized.
582.26 MORTGAGE FORECLOSURE SALES BY ACTION LEGALIZED. In all mortgage foreclosure sales by action wherein, prior to the date specified in section 582.27, subdivision 2, the report of sale: (1) has been confirmed by order filed in the action and a certificate of sale was thereafter executed in proper form but not recorded or filed […]
Section 582.27 — Application Of Curative Provisions.
582.27 APPLICATION OF CURATIVE PROVISIONS. Subdivision 1. Section 582.25. (a) Upon expiration of the periods specified in this section, the provisions of section 582.25 apply to a mortgage foreclosure sale subject to this section: (1) as to all of the provisions of section 582.25, except clauses (2) and (23), one year after the last day […]
Section 582.30 — Deficiency Judgments By Mortgage Holder.
582.30 DEFICIENCY JUDGMENTS BY MORTGAGE HOLDER. Subdivision 1. Deficiency allowed. (a) Except as provided in this section, a person holding a mortgage may obtain a deficiency judgment against the mortgagor if the amount a person holding a mortgage receives from a foreclosure sale is less than: (1) the amount remaining unpaid on the mortgage under […]
Section 582.31 — One Action Allowed To Enforce Agricultural Mortgage.
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) […]
Section 582.32 — Voluntary Foreclosure; Procedure.
582.32 VOLUNTARY FORECLOSURE; PROCEDURE. Subdivision 1. Application. This section applies to mortgages executed on or after August 1, 1993, under which there is a default and the mortgagor and mortgagee enter into an agreement for voluntary foreclosure of the mortgage under this section. This section applies only to mortgages on real estate no part of […]
Section 583.20 — Citation.
583.20 CITATION. Sections 583.20 to 583.32 may be cited as the “Farmer-Lender Mediation Act.” History: 1986 c 398 art 1 s 5,18; 1987 c 292 s 37; 1989 c 350 art 16 s 8; 1990 c 525 s 1; 1991 c 208 s 2; 1Sp1993 c 2 art 6 s 2; 1995 c 212 art […]
Section 583.21 — Legislative Findings.
583.21 LEGISLATIVE FINDINGS. The legislature finds that the agricultural sector of the state’s economy is under severe financial stress due to low farm commodity prices, continuing high interest rates, and reduced net farm income. The suffering agricultural economy adversely affects economic conditions for all other businesses in rural communities as well. Thousands of this state’s […]
Section 583.215 — Expiration.
583.215 EXPIRATION. Sections 336.9-601, subsections (h) and (i); 550.365; 559.209; 582.039; and 583.20 to 583.32, expire June 30, 2027. History: 2005 c 107 art 2 s 55; 2009 c 94 art 1 s 97; 2013 c 114 art 2 s 65; 1Sp2015 c 4 art 2 s 81; 2016 c 184 s 10; 2016 c […]
Section 583.22 — Definitions.
583.22 DEFINITIONS. Subdivision 1. Applicability. The definitions in this section apply to sections 583.22 to 583.32. Subd. 2. Agricultural property. “Agricultural property” means real property that is principally used for farming as defined in section 500.24, subdivision 2, paragraph (a), and raising poultry, and personal property that is used as security to finance a farm […]
Section 583.23 — Farm Mediation.
583.23 FARM MEDIATION. Subdivision 1. Training. The director must provide training and support for mediators. Subd. 2. Appointment. The director must provide mediators by contracting with qualified persons experienced in farm finance, agricultural law, and negotiation. Subd. 3. Administration. The director may appoint a farm mediation administrator. The administrator and director shall provide training for […]