Before a license shall be issued, the applicant shall file with the commissioner an annual bond or abstracter's liability insurance policy for each license year, to be approved by the commissioner, running to the state of Minnesota in the penal sum of at least $100,000 conditioned for the payment by such abstracter of any damages that may be sustained by or accrue to any person by reason of or on account of any error, deficiency or mistake arising wrongfully or negligently in any abstract, or continuation thereof, or in any certificate showing ownership of, or interest in, or liens upon any lands in the state of Minnesota, whether registered or not, made by and issued by such abstracter, provided however, that the aggregate liability of the surety to all persons under such bond shall in no event exceed the amount of such bond. If the applicant intends to engage in the business of abstracting in any county having more than 200,000 inhabitants, the bond or insurance policy required herein shall be in the penal sum of at least $250,000. Applicants that are title insurers regulated by chapter 68A and licensed pursuant to sections 60A.02 and 60A.06, subdivision 1, clause (7), and their employees or those having cash or securities on deposit with the state of Minnesota in an amount equal to the said bond or insurance policy shall be exempt from furnishing the bond or an insurance policy herein required but shall be liable to the same extent as if a bond or insurance policy has been given and filed. The bond or insurance policy required hereunder shall be written by some surety or other company authorized to do business in this state issuing bonds or abstracter's liability insurance policies and shall be issued for a period of one or more years, and renewed for one year at the date of expiration as principal continues in business.
1957 c 871 s 5; 1975 c 419 s 2; 1976 c 222 s 195; 1986 c 444; 1991 c 100 s 1; 1993 c 77 s 1; 1993 c 369 s 130; 1994 c 465 art 1 s 50; 1995 c 68 s 10; 1996 c 439 art 3 s 12; 2014 c 198 art 4 s 18
Structure Minnesota Statutes
Chapters 370 - 403 — Counties, County Officers, Regional Authorities
Chapter 386 — County Recorder; Abstracter
Section 386.001 — Name Change.
Section 386.015 — Counties Under 75,000; Salaries, Fees, Budget; Appeals.
Section 386.02 — Delivery To Successor.
Section 386.03 — Reception Index.
Section 386.04 — Numerical Register And Reception Index.
Section 386.05 — Tract Index Books.
Section 386.06 — Tract Index Books; Contracts For Making.
Section 386.07 — Tract Index For Torrens Titles; Hennepin, Ramsey Counties.
Section 386.071 — Documents Misfiled.
Section 386.09 — Payment For From Revenue Fund.
Section 386.13 — Transcribing Records Of State Lands.
Section 386.14 — Records As Prima Facie Evidence.
Section 386.15 — Tract Indexes Transcribed.
Section 386.16 — County Recorder To Supervise; Compensation.
Section 386.17 — To Exhibit Records.
Section 386.18 — Abstracter; Bond.
Section 386.19 — Record Books, Indexes.
Section 386.20 — Certificates Of Discharge From U.s. Service.
Section 386.26 — Unrecorded Records: Transcribe; Record.
Section 386.29 — Transcribing Abstract Records.
Section 386.31 — Consecutive Numbering.
Section 386.32 — Consecutive Index.
Section 386.36 — Farm Names Recorded.
Section 386.37 — Abstracts Of Title.
Section 386.375 — Transfer And Storage Of Abstracts.
Section 386.39 — Instruments Not Properly Executed.
Section 386.409 — County Recorder's Official Signature.
Section 386.41 — Certificate Of Record.
Section 386.44 — Oaths And Papers, Where Filed.
Section 386.45 — Bankruptcy Documents May Be Recorded, Used As Evidence.
Section 386.459 — Official Records; Compilation, Maintenance, And Storage Of Information.
Section 386.46 — Disposal Of Obsolete Records.
Section 386.47 — Obsolete Records, Destruction.
Section 386.51 — Recording Of U.s. Agency Maps, Plats, Surveys, Photos.
Section 386.52 — Certificate Of Authentication.
Section 386.62 — License Required.
Section 386.65 — Examination Of Applicants For License.
Section 386.66 — Bond Or Abstracter's Liability Insurance Policy.
Section 386.67 — Licensed Abstracter, Seal.
Section 386.705 — Administrative Actions And Penalties.
Section 386.71 — Licensed Abstracters, Access To Public Records.
Section 386.72 — Abstracter's Certificate As Prima Facie Evidence.
Section 386.73 — County Recorders, May Employ Licensed Abstracters.
Section 386.74 — Rights Of County Recorders Not Abridged.
Section 386.75 — Practice Of Attorneys Not Abridged.
Section 386.76 — Violation A Misdemeanor.
Section 386.77 — Filing Fee For State, City, Town Item May Be Billed.