Minnesota Statutes 508A.78 – Liability of Fund
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No person shall recover from the general fund any sum by reason of any loss, damage, or deprivation occasioned solely by a breach of trust on the part of any registered owner who is trustee, or by the improper exercise of any power of sale in a mortgage, nor shall any person recover from the general fund any greater sum than the fair market value of the real estate at the time of the last payment into that fund, on account thereof.
Terms Used In Minnesota Statutes 508A.78
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Minnesota Statutes 645.44
- Trustee: A person or institution holding and administering property in trust.