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2006 Minnesota Statutes
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Chapter 16B
Section 16B.284
Recent History
- 2009 16B.284 Amended 2009 c 86 art 1 s 6
- 2008 16B.284 Amended 2008 c 368 art 1 s 4
- 2008 16B.284 Amended 2008 c 318 art 1 s 6
- 2004 16B.284 New 2004 c 262 art 1 s 5
This is an historical version of this statute chapter. Also view the most recent published version.
16B.284 CONTRACT FOR DEED AND QUITCLAIM DEED.
In the event a purchaser elects to purchase surplus real property on an installment basis, the
commissioner shall enter into a contract for deed with the purchaser, in which shall be set forth
the description of the real property sold and the price of the property, the consideration paid and
to be paid for the property, the rate of interest, and time and terms of payment. The contract for
deed shall be made assignable and shall further set forth that in case of the nonpayment of the
annual principal or interest payment due by the purchaser, or any person claiming under the
purchaser, then the contract for deed, from the time of the failure, is entirely void and of no effect
and the state may be repossessed of the lot or tract and may resell the lot or tract as provided in
sections 16B.281 to 16B.287. In the event the terms and conditions of a contract for deed are
completely fulfilled or if a purchaser makes a lump-sum payment for the subject property in
lieu of entering into a contract for deed, the commissioner shall sign and cause to be issued a
quitclaim deed on behalf of the state. The quitclaim deed shall be in a form prescribed by the
attorney general and shall vest in the purchaser all of the state's interest in the subject property
except as provided in section 16B.286.
History: 2004 c 262 art 1 s 5
In the event a purchaser elects to purchase surplus real property on an installment basis, the
commissioner shall enter into a contract for deed with the purchaser, in which shall be set forth
the description of the real property sold and the price of the property, the consideration paid and
to be paid for the property, the rate of interest, and time and terms of payment. The contract for
deed shall be made assignable and shall further set forth that in case of the nonpayment of the
annual principal or interest payment due by the purchaser, or any person claiming under the
purchaser, then the contract for deed, from the time of the failure, is entirely void and of no effect
and the state may be repossessed of the lot or tract and may resell the lot or tract as provided in
sections 16B.281 to 16B.287. In the event the terms and conditions of a contract for deed are
completely fulfilled or if a purchaser makes a lump-sum payment for the subject property in
lieu of entering into a contract for deed, the commissioner shall sign and cause to be issued a
quitclaim deed on behalf of the state. The quitclaim deed shall be in a form prescribed by the
attorney general and shall vest in the purchaser all of the state's interest in the subject property
except as provided in section 16B.286.
History: 2004 c 262 art 1 s 5
Official Publication of the State of Minnesota
Revisor of Statutes