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:

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Terms Used In Minnesota Statutes 582.27

  • Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
  • state: extends to and includes the District of Columbia and the several territories. See Minnesota Statutes 645.44

(1) as to all of the provisions of section 582.25, except clauses (2) and (23), one year after the last day of the redemption period of the mortgagor, the mortgagor’s personal representatives or assigns;

(2) as to clause (2), ten years after the date of the foreclosure sale; and

(3) as to clause (23), the expiration of the mortgagor’s applicable redemption period as specified in section 580.23 or 582.032.

(b) The time limits provided under paragraph (a) apply notwithstanding any common law.

Subd. 2.Section 582.26.

The date to which section 582.26 applies is one year after the date of the foreclosure sale.

Subd. 3.Pending and newly commenced actions.

The provisions of sections 582.25 to 582.27 shall not affect any action or proceeding pending on August 1, 1989, or which shall be commenced before February 1, 1990, in any of the courts of the state, involving the validity of such foreclosure. Laws 1992, chapter 463, does not affect any proceeding pending on August 1, 1992, or commenced before February 1, 1993, in any of the courts of the state, involving the validity of the foreclosure.

The amendments to the provisions of sections 582.25 to 582.27 by Laws 1995, chapter 92, shall not affect any action pending on August 1, 1995, or which shall be commenced before February 1, 1996, in any of the courts of the state, involving the validity of a foreclosure.