(a) For a mortgage on property used in agricultural production entered into on or before March 22, 1986, the mortgagee may only proceed to:
(1) obtain a personal judgment for the debt owed on the note secured by the mortgage and execute on the judgment; or
(2) foreclose the mortgage and obtain a deficiency judgment, if allowed.
(b) An action under paragraph (a), either clause (1) or (2), bars an action under the other clause.
1986 c 398 art 19 s 6
Structure Minnesota Statutes
Chapters 570 - 583 — Postjudgment Remedies; Alternative Dispute Resolution; Bonds
Chapter 582 — Mortgages; Foreclosure, General Provisions
Section 582.01 — Attorney's Fees.
Section 582.02 — Attorney's Fees, Collection.
Section 582.03 — Purchaser May Pay Taxes And Other Expenses Due.
Section 582.031 — Limited Right Of Entry; Duty To Enter And Protect Premises.
Section 582.032 — Five-week Redemption Period; Certain Abandoned Properties.
Section 582.039 — Mediation Notice For Agricultural Property.
Section 582.041 — Foreclosure Of Mortgage That Includes Homestead.
Section 582.042 — Foreclosure; Agricultural Land In Separate Tracts.
Section 582.043 — Loss Mitigation; Mortgage Foreclosure Dual Tracking.
Section 582.05 — Receiver Of Rents With Possession.
Section 582.06 — Default To Be Shown.
Section 582.07 — Receiver To Furnish Bond.
Section 582.08 — Possession, Entry After Filing Bond.
Section 582.09 — Receiver To File Account For Approval.
Section 582.10 — Certain Rights And Remedies Not Limited.
Section 582.11 — Powers And Duties Of Trustees In Certain Cases.
Section 582.12 — Court's Powers Over Trusts Not Limited.
Section 582.13 — State May Be Defendant In Certain Cases.
Section 582.14 — Limitation On Old Foreclosure Actions.
Section 582.15 — Termination Of Old Lis Pendens Notices.
Section 582.16 — Presumption Of Identity.
Section 582.17 — Old Actions Pending.
Section 582.18 — Construction.
Section 582.25 — Mortgages; Validating Foreclosure Sales.
Section 582.26 — Mortgage Foreclosure Sales By Action Legalized.
Section 582.27 — Application Of Curative Provisions.
Section 582.30 — Deficiency Judgments By Mortgage Holder.
Section 582.31 — One Action Allowed To Enforce Agricultural Mortgage.