Minnesota Statutes 60A.125 – Appraisal by Independent Appraiser
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Subdivision 1.Mortgage loans in the process of foreclosure.
An insurer may rely upon an appraisal by an independent appraiser to determine the carrying value of mortgage loans in the process of foreclosure only if the date of the appraisal is within six months of the date the foreclosure procedure is begun. If no appraisal exists, the insurer shall acquire an appraisal within six months after the foreclosure proceeding has begun.
Subd. 2.Real estate owned.
Terms Used In Minnesota Statutes 60A.125
- Appraisal: A determination of property value.
- 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.
Terms Used In Minnesota Statutes 60A.125
- Appraisal: A determination of property value.
- 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.
An insurer may rely upon an appraisal by an independent appraiser to determine the carrying value of real estate owned only if the date of the appraisal is within six months of the date when title to the property was acquired. If no appraisal exists, the insurer shall acquire an appraisal within six months after title to the property is acquired.
Subd. 3.
[Repealed, 2000 c 350 s 16]