Minnesota Statutes 94.351 – Escheat Subject to Encumbrance
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When any land has become the property of the state by escheat and is subject to any encumbrance arising from taxes, assessments, or otherwise the commissioner of management and budget, with the approval of the governor and the attorney general and for a consideration to be determined by them, may execute in the name of the state a deed of the land to the holder of the encumbrance.
Terms Used In Minnesota Statutes 94.351
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Escheat: Reversion of real or personal property to the state when 1) a person dies without leaving a will and has no heirs, or 2) when the property (such as a bank account) has been inactive for a certain period of time. Source: OCC
- state: extends to and includes the District of Columbia and the several territories. See Minnesota Statutes 645.44