2007 Minnesota Statutes
This is an historical version of this statute chapter. Also view the most recent published version.
582.31 ONE ACTION ALLOWED TO ENFORCE AGRICULTURAL MORTGAGE.
(a) For a mortgage on property used in agricultural production entered into on or before
March 22, 1986, the mortgagee may only proceed to:
(1) obtain a personal judgment for the debt owed on the note secured by the mortgage and
execute on the judgment; or
(2) foreclose the mortgage and obtain a deficiency judgment, if allowed.
(b) An action under paragraph (a), either clause (1) or (2), bars an action under the other
clause.
History: 1986 c 398 art 19 s 6
(a) For a mortgage on property used in agricultural production entered into on or before
March 22, 1986, the mortgagee may only proceed to:
(1) obtain a personal judgment for the debt owed on the note secured by the mortgage and
execute on the judgment; or
(2) foreclose the mortgage and obtain a deficiency judgment, if allowed.
(b) An action under paragraph (a), either clause (1) or (2), bars an action under the other
clause.
History: 1986 c 398 art 19 s 6
Official Publication of the State of Minnesota
Revisor of Statutes