A Minnesota farmer named Ingrid has her agricultural property foreclosed upon through a non-judicial Chapter 580 proceeding. The foreclosure sale is completed on June 15. Under Minnesota law, what is the length of Ingrid's statutory redemption period?
Correct Answer
C) 12 months, because the property is agricultural land
Under Minn. Stat. § 580.23, agricultural property is one of the specific circumstances that qualifies for an extended 12-month statutory redemption period following a non-judicial foreclosure sale. Because Ingrid's property is agricultural land, she has 12 months from the June 15 sale date — until June 15 of the following year — to redeem the property.
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Related Topics & Key Terms
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Related Concepts
A trustee sale is a type of foreclosure where a trustee, appointed under a deed of trust, sells the property at auction to satisfy the debt.
Usury is the practice of charging an interest rate that exceeds the maximum rate permitted by state law. Usury laws protect borrowers from excessive interest charges on loans.
A VA loan is a mortgage guaranteed by the Department of Veterans Affairs available to eligible veterans, active-duty service members, and surviving spouses. It offers no down payment and no private mortgage insurance requirements.
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