Minnesota Statutes 519A.06 – Purchaser for Value or Lender
(a) If a surviving spouse has apparent title to property to which this chapter applies, a purchaser for value or a lender taking a security interest in the property takes the purchaser’s or lender’s interest in the property free of any rights of the personal representative, trustee, heir, devisee, beneficiary, or distributee of the decedent.
Terms Used In Minnesota Statutes 519A.06
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Decedent: A deceased person.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Trustee: A person or institution holding and administering property in trust.
(b) If a personal representative, trustee, heir, devisee, beneficiary, or distributee of the decedent has apparent title to property to which this chapter applies, a purchaser for value or a lender taking a security interest in the property takes an interest in the property free of any rights of the surviving spouse.
(c) A purchaser for value or a lender need not inquire whether a lender or borrower acted properly.
(d) The proceeds of a sale or creation of a security interest must be treated in the same manner as the property transferred to the purchaser for value or a lender.
(e) For purposes of this section, any reference to the term “apparent title” with respect to real property means “record title” to the property.