Minnesota Statutes 550.366 – Judgments On Debts Related to Agricultural Property
Subdivision 1.Definitions.
For purposes of this section, the following terms have the meanings given:
Terms Used In Minnesota Statutes 550.366
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Minnesota Statutes 645.44
- Personal property: All property that is not real property.
(1) “Agricultural property” means personal property that is used in a farm operation.
(2) “Farm debtor” means a person who has incurred debt while in the operation of a family farm, a family farm corporation, or an authorized farm corporation as defined in section 500.24, subdivision 2.
Subd. 2.Limits on execution.
A judgment for the unpaid balance of a debt on agricultural property owed by a farm debtor may not be executed upon real or personal property after three years from the date the judgment was entered.
Subd. 3.Attachment to newly acquired property.
A judgment for the unpaid balance of a debt on agricultural property owed by a farm debtor does not attach to real or personal property that is acquired by the farm debtor after the judgment is entered.