(a) Except in a cooperative and except as otherwise provided in this chapter or in a security instrument, an individual unit owner may have the unit owner's unit released from a lien if the unit owner (1) pays the lienholder the portion of the amount which the lien secures that is attributable to the unit, or (2) provides in the manner set forth in section 514.10 the deposit or other security required by that section. Upon the receipt of payment or written evidence of the deposit or other security, the lienholder shall promptly deliver to the unit owner a recordable partial satisfaction and release of lien releasing the unit from the lien. The release shall be deemed to include a release of any rights in the common elements appurtenant to the unit. The portion of the amount which a lien secures that is attributable to the unit shall be equal to the total amount which the lien secures multiplied by a percentage calculated by dividing the common expense liability attributable to the unit by the common expense liability attributable to all units against which the lien has been recorded, or in the case of a lien under subsection (b), the units against which the lien is permitted or required to be recorded. At the request of a lien claimant or unit owners, the association shall provide a written statement of the percentage of common expense liability attributable to all units. After a unit owner's payment pursuant to this section, the association may not assess the unit for any common expense incurred thereafter in connection with the satisfaction or defense against the lien.
(b) Labor performed or materials furnished for the improvement of a unit shall be the basis for the recording of a lien against that unit pursuant to the provisions of chapter 514 but shall not be the basis for the recording of a lien against the common elements. Labor performed or materials furnished for the improvement of common elements, for which a lien may be recorded under chapter 514, if duly authorized by the association, shall be deemed to be performed or furnished with the express consent of each unit owner, and shall be perfected by recording a lien against all the units in the common interest community, or in the case of a condominium or planned community on registered land, shall be perfected by recording a lien pursuant to section 508.351, subdivision 5, or 508A.351, subdivision 5. Where a lien is recorded against the units for labor performed or material furnished for the improvement of common elements, the association shall be deemed to be the authorized agent of the unit owners for purposes of receiving the notices required under sections 514.011 and 514.08, subdivision 1, clause (2).
(c) A security interest in a cooperative whose unit owners' interests in the units are personal property shall be perfected by recording a financing statement in the UCC filing section of the central filing system operated by the Office of the Secretary of State. In any disposition by a secured party pursuant to section 336.9-610 or retention pursuant to sections 336.9-620 to 336.9-622, the rights of the parties shall be the same as those provided by law, subject to the exceptions and requirements set forth in section 515B.3-116(h)(3), and except that the unit owner has the right to reinstate the debt owing to the secured party by paying to the secured party, prior to the effective date of the disposition or retention, the amount which would be required to reinstate the debt under section 580.30 if the unit were wholly real estate.
1993 c 222 art 3 s 17; 1994 c 388 art 4 s 12; 2001 c 50 s 30; 2001 c 195 art 2 s 33; 2005 c 121 s 32; 2006 c 221 s 14; 2010 c 267 art 3 s 14
Structure Minnesota Statutes
Chapters 500 - 515B — Property And Property Interests
Chapter 515B — Minnesota Common Interest Ownership Act
Section 515B.1-101 — Short Title.
Section 515B.1-102 — Applicability.
Section 515B.1-103 — Definitions.
Section 515B.1-104 — Variation By Agreement.
Section 515B.1-105 — Separate Titles And Taxation.
Section 515B.1-106 — Applicability Of Local Requirements.
Section 515B.1-107 — Eminent Domain.
Section 515B.1-108 — This Chapter Prevails; Supplemental Law.
Section 515B.1-109 — Construction Against Implicit Repeal.
Section 515B.1-1105 — Vacation Of Abutting Publicly Dedicated Property.
Section 515B.1-112 — Unconscionable Agreement Or Term Of Contract.
Section 515B.1-113 — Obligation Of Good Faith.
Section 515B.1-114 — Remedies To Be Liberally Administered.
Section 515B.1-116 — Recording.
Section 515B.2-101 — Creation Of Common Interest Communities.
Section 515B.2-102 — Unit Boundaries.
Section 515B.2-103 — Construction And Validity Of Declaration And Bylaws.
Section 515B.2-104 — Description Of Units.
Section 515B.2-105 — Declaration Contents; All Common Interest Communities.
Section 515B.2-106 — Declaration Of Flexible Common Interest Communities.
Section 515B.2-107 — Declaration Of Leasehold Common Interest Communities.
Section 515B.2-108 — Allocation Of Interests.
Section 515B.2-109 — Common Elements And Limited Common Elements.
Section 515B.2-110 — Common Interest Community Plat (cic Plat); Cic Created Before August 1, 2010.
Section 515B.2-111 — Expansion Of Flexible Common Interest Community.
Section 515B.2-112 — Subdivision, Combination, Or Conversion Of Units.
Section 515B.2-113 — Alteration Of Units.
Section 515B.2-114 — Relocation Of Boundaries Between Adjoining Units.
Section 515B.2-115 — Minor Variations In Boundaries.
Section 515B.2-116 — Use For Sales Purposes.
Section 515B.2-117 — Declarant's Easement Rights.
Section 515B.2-118 — Amendment Of Declaration.
Section 515B.2-119 — Termination Of Common Interest Community.
Section 515B.2-120 — Rights Of Secured Parties.
Section 515B.2-121 — Master Associations.
Section 515B.2-122 — Merger Or Consolidation Of Common Interest Communities.
Section 515B.2-123 — Change Of Form Of Common Interest Community.
Section 515B.2-124 — Severance Of Common Interest Community.
Section 515B.2-125 — Addition Of Common Elements.
Section 515B.3-101 — Organization Of Unit Owners' Association.
Section 515B.3-102 — Powers Of Unit Owners' Association.
Section 515B.3-103 — Board Of Directors, Officers And Declarant Control.
Section 515B.3-105 — Termination Of Contracts, Leases; Cic Created Before August 1, 2010.
Section 515B.3-106 — Bylaws; Annual Report.
Section 515B.3-107 — Upkeep Of Common Interest Community.
Section 515B.3-108 — Meetings.
Section 515B.3-110 — Voting; Proxies.
Section 515B.3-111 — Tort And Contract Liability.
Section 515B.3-112 — Conveyance Of, Or Creation Of Security Interests In, Common Elements.
Section 515B.3-113 — Insurance.
Section 515B.3-114 — Reserves; Surplus Funds.
Section 515B.3-1141 — Replacement Reserves.
Section 515B.3-115 — Assessments For Common Expenses; Cic Created Before August 1, 2010.
Section 515B.3-1151 — Assessments For Common Expenses; Cic Created On Or After August 1, 2010.
Section 515B.3-116 — Lien For Assessments.
Section 515B.3-117 — Other Liens.
Section 515B.3-118 — Association Records.
Section 515B.3-119 — Association As Trustee.
Section 515B.3-120 — Declarant Duties; Turnover Of Records.
Section 515B.3-121 — Accounting Controls.
Section 515B.4-101 — Applicability; Delivery Of Disclosure Statement.
Section 515B.4-102 — Disclosure Statement; General Provisions; Cic Created Before August 1, 2010.
Section 515B.4-103 — Common Interest Communities Subject To Rights To Add Additional Real Estate.
Section 515B.4-104 — Time Shares.
Section 515B.4-105 — Common Interest Community With Building Once Occupied.
Section 515B.4-106 — Purchaser's Right To Cancel.
Section 515B.4-107 — Resale Of Units.
Section 515B.4-108 — Purchaser's Right To Cancel Resale.
Section 515B.4-109 — Escrow Deposits.
Section 515B.4-110 — Obligation To Release Liens.
Section 515B.4-111 — Conversion Property.
Section 515B.4-112 — Express Warranties.
Section 515B.4-113 — Implied Warranties.
Section 515B.4-114 — Exclusion Or Change Of Implied Warranties.
Section 515B.4-115 — Statute Of Limitations For Warranties; Cic Created Before August 1, 2010.
Section 515B.4-1152 — Statute Of Limitations For Warranties; Cic Created On Or After August 1, 2011.
Section 515B.4-116 — Rights Of Action; Attorney's Fees.
Section 515B.4-117 — Labeling Of Promotional Material.
Section 515B.4-118 — Declarant's Obligation To Complete And Restore.