Under Minnesota's non-judicial foreclosure statute (Minn. Stat. Ch. 580), which of the following parties does NOT have a statutory right to redeem the foreclosed property during the redemption period?
Correct Answer
C) The successful bidder at the foreclosure sale who purchased the sheriff's certificate
Under Minn. Stat. § 580.23 and § 580.24, the parties who have statutory redemption rights after a non-judicial foreclosure sale include: the mortgagor (original borrower), junior lienholders (in a specific priority sequence), and judgment creditors with liens junior to the foreclosed mortgage. The successful bidder at the foreclosure sale — who receives the sheriff's certificate of sale — does NOT have a right to redeem the property. The purchaser at the sale is the party from whom others may redeem; the purchaser already holds the sheriff's certificate and will receive a sheriff's deed if no redemption occurs.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A leasehold estate grants the right to possess and use property for a defined period of time, without conferring ownership.
A life estate is a freehold estate that grants ownership rights for the duration of someone's life.
Real property is immovable land and anything permanently attached to it, while personal property (also called chattels) is movable.
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