A farmer in rural Stearns County, Minnesota has a mortgage on his 80-acre farm. He defaults, and the lender forecloses by advertisement under Chapter 580. The farmer had paid off more than one-third of the original loan balance before defaulting. What is the statutory redemption period that applies to his property?
Correct Answer
B) 6 months, because the standard redemption period applies when more than one-third of the debt has been paid
Under Minn. Stat. § 580.23, the standard 6-month redemption period applies when more than one-third of the original debt has been paid. The 12-month extended redemption period for agricultural property applies only when less than one-third of the original debt has been paid. Since the farmer paid more than one-third, the standard 6-month period applies.
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